Rupee continues to weaken; sheds seven paise

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 Rupee continues to weaken; sheds seven paise
The rupee continued to weaken against the dollar for the third successive day on lower equities and better demand for the dollar.

The currency shed almost seven paise and was trading at 53.13 to the dollar, after hitting 51.76 late last week.

Weak equity markets in India, largely on account of growth concerns across markets has affected sentiments adversely. The currency has been moving in line with equity markets and has been gaining ever since the government announced a slew of reforms in September.

Dealers expect the rupee to continue to remain under pressure and see volatility as global events pan out.

Read more about: currency
Story first published: Thursday, October 11, 2012, 10:43 [IST]
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