Rupee depreciates further against dollar

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Rupee depreciates further against dollar
The Indian rupee dropped 18 paise against the dollar to trade at 54.61 at 11.15 am IST. Prolonged drop in equities, which lost ground prompted buying in the dollar.

The Indian rupee opened marginally lower at 54.50 per dollar versus 54.43 yesterday.

The rupee has remained steady against the dollar over the last few weeks. However, dealers says that a sudden rise in political stability could weigh on the rupee.

The widening current account deficit could send the rupee reach worrying levels. The Current Account Deficit hit historic high of 6.7 percent of GDP for the December quarter. click to know more on how to trade in the India Rupee or currency markets?

CAD will adversely affect on rupee as it as the local currency may be dumped by foreign investors. While, lingering concerns in euro zone and movement of euro could weigh on the rupee.

Meanwhile, the BSE was seen trading lower by 128 points and the 50-share NSE was at down by 45 points.

Read more about: currency, dollar, equities
Story first published: Thursday, April 4, 2013, 11:21 [IST]
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