Rupee drops 33 paise against dollar; scales past 62

Posted By:
Subscribe to GoodReturns

Rupee drops 33 paise against dollar; scales past 62
The rupee dropped 33 paise in early trade and is heading for a big weekly loss as global cues continue to play spoilsport.

The rupee was last trading at 62.14 against the US dollar. After having made substantial gains towards the early part of the week following a handsome win for the BJP in the state elections, the rupee declined through the week on worries that the Federal Reserve may begin its QE3 tapering. Read more on QE3 tapering here

Today, the rupee weakened further after inflation came in higher then expected and fears rose that the Reserve Bank of India would hike interest rates again.

The rupee is likely to end the day lower today and would be extremely volatile the next week ahead of the Fed meet and the RBI meet slated for December17 and December 18 respectively. Check rupee rates here

GoodReturns.in

Read more about: dollar, qe3 tapering, inflation
Story first published: Friday, December 13, 2013, 10:04 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?