Rupee breaches 55 against dollar as CAD worries weigh

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Rupee breaches 55 against dollar as CAD worries weigh
The rupee breached the 55 mark against the dollar in interbank forex trade as worries over the current account deficit raised fresh worries for the Indian currency.

The rupee was last trading at 55.03, down 7 paise over Monday's close. Dealers remain worried that the rupee could dip further, as the trade deficit and the current account deficit, show an unsustainable rise.

The government to curb the trade and CAD is planning to unveil fresh measures to curb gold imports. India will take more steps if necessary to curb gold imports, Finance Minister P. Chidambaram said on Monday, after the country's overseas purchases of gold and silver shot up 138 percent in April.

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