Rupee drops sharply to 62.18 on weak global cues

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, January 24, 2014, 10:24 [IST]

The rupee dropped sharply in trade today on the back of weak global sentiments. The currency drifted below the 62 level mark and was last trading at 62.18 with a drop of 25 paise over Thursday's close.

Sentiments for the rupee remained weak after equities drifted lower, following weak overnight closings in the US.

Forex markets are now likely to eagerly await the RBI Monetary Policy and the US Fed's Open Market Committee meeting next week. The rupee may react if the Fed decides to further ease its QE3 programme. To read more on QE3 click here

On the other hand there would be a positive reaction should the RBI decide to keep policy rates on hold in its meeting of Jan 28. Check currency rates here

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