Rupee headed for 51 levels

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Rupee headed for 51 levels
The Indian Rupee continued to exhibit a weak trend with the currency trading at 51 to the dollar. The currency has lost 21 paise and was trading at 50.87, at 1 PM IST.

Sustained dollar demand from importers, particularly crude importers has resulted in pressure on the rupee. This is despite the fact that the nation is seeing record inflows from foreign funds.

The rupee is expected to remain weak and breach the 51 mark, as the technicals for the currency are showing signs of weakness.

The Reserve Bank of India has also not intervened in the foreign exchange market. Analysts say that the central bank might decide to intervene should there be more volatility and a sharper slide in the rupee.

Read more about: dollar, rbi
Story first published: Thursday, March 22, 2012, 13:04 [IST]
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