Rupee trades weak; drops 28 paise on poor sentiments
Weak equity sentiments weighed heavily on the Indian rupee dragging it lower by 28 paise, after dropping 60 paise in intra-day trade. The rupee was trading at 54.49 to the dollar at 10.55 am IST.
Demand for dollar, particularly from corporates weighed on the rupee.
A risk aversion particularly due to the fiscal cliff in the US and weak equity markets across the globe, did little to support the rupee.