Rupee ignores govt FDI measures; opens lower

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 Rupee ignores govt FDI measures; opens lower
The rupee continued to fall despite a series of measures announced by the government to liberalise FDI in multi-brand retail, with the currency dropping 20 paise at 6061 to the dollar.

The fall in the rupee came despite strength in equities. Dealers say that the rupee in the last few weeks has failed to gain against the dollar, despite a series of measures announced by the RBI and the government.

On Thursday the government eased norms for FDI in multi-brand retail, diluting contentious 30 per cent sourcing clause and allowing foreign chains to set up stores in cities with less than ten lakh population to accommodate demands of global retailers like Walmart and Carrefour.

Despite the measures announcement, the rupee opened weak on sustained dollar demand.

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