Rupee breaks 3-day losing streak; gains 3 paise

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Rupee breaks 3-day losing streak; gains 3 paise
HDFC Bank: Quotes, News
BSE 1389.85BSE Quote0.65 (0.05%)
NSE 1391.65NSE Quote1.55 (0.11%)
Indices
Nifty8,945.80Nifty Quote66.20 [0.75%]
The rupee gained 3 paise against the dollar in the interbank market, despite weaker equities. The Indian currency was trading at 55.21 to the dollar against its previous close of 55.24.

The rupee has been losing ground against the dollar, after general strength of the American currency against all major currencies. The Indian currency has been showing signs of weakness and looks vulnerable on a rising current account deficit.

Despite foreign funds having pumped large amounts of money in 2012, the Indian rupee has failed to see any remarkable recovery. This makes it vulnerable to any global negative global event.

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Read more about: currency
Story first published: Tuesday, January 8, 2013, 10:00 [IST]
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