Rupee Weakens Sharply in Opening Trade; Drops 20 Paise Against Dollar

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The rupee fell sharply in opening trade by 20 paise against the dollar and was last trading at 62.23, showing continued signs of weakness. Dealers were rather worried over the sudden weakness in the rupee in the last few days given that there has been a steady inflow of dollars from foreign funds and dollar outflow due to crude imports is also not substantial given the fact that crude prices are falling.

Rupee Weakens Sharply in Opening Trade; Drops 20 Paise Against Dollar
The rupee had closed at 62.03 against the dollar o Friday.

The rupee might see some intervention from the Reserve Bank of India, which has shored up its forex reserves in the last one year. The currency may continue to remain volatile ahead of the RBI's Monetary Policy on Tuesday.  Check currency rates here

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