Rupee hits one month low of 60.70 against dollar

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Rupee hits one month low of 60.70 against dollar
The rupee today hit a one month low of 60.70 against the dollar, weakening by seven paise over Monday's close.

Dealers say that dollar demand from importers pushed the rupee lower in trade today. Also, there has not been major dollar inflow from FIIs, following huge capital inflows in early April and March.

Also, it's believed that the central bank may not be willing to let the rupee appreciate too much against the dollar, as the same could hurt export growth. On every appreciation in the currency, the RBI may step in and buy dollars, which also gives it an opportunity to shore up its reserves.

From being one of the most vulnerable emerging market currencies, the rupee has gained significant ground against the dollar after a host of measures from the government and the RBI. Analysts feel that it would be improbable that the rupee would once near its historic low of 68.81 as the fundamentals, including the current account deficit, have shown a remarkable improvement in India. Check currency rates here

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