Rupee drops 16 paise as global currencies fret on Ukraine worries

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 Rupee drops 16 paise as global currencies fret on Ukraine worries
The rupee dropped 16 paise over Friday's close and was last trading at 61.91 to the dollar, as currencies around the globe weakened over mounting tensions in Ukraine.

Most of the global currencies, including the Australian dollar were trading weak. Investors remained worried over the crisis in Ukraine as half of Russia's gas supplies to Europe run through pipelines in Ukraine.

Also, investors were concerned that Ukraine has huge debts and there could have another Greece like debt crisis erupt.

The rupee is likely to remain weak as the Ukrainian crisis unfolds, if investors get jittery over emerging markets. India has received substantial foreign funds inflows into its markets in the last 10 days and this would easily reverse, should tensions escalate. Check currency rates here

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Read more about: dollar, ukraine crisis
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