Rupee slide continues; drops to 52.33 against the dollar

Business

oi-Sneha

By Sneha B K

Published: Monday, April 23, 2012, 14:13 [IST]

Weak equity markets and persistent demand from importers saw the rupee drop once again today. The partially convertible Indian rupee after dropping 3 paise in morning trade, dipped further by 33 paise.

Domestic equities resumed their slide after Friday's weak closing, after Europe opened weak on fresh worries.

Rupee is expected to trade lower on the back of poor capital inflows. Lack of clarity on GAAR, and rising current account and fiscal deficits have seen foreign inflows down to a trickle.

The Indian rupee opened at 52.09 per dollar against 52.07 on Friday. At 01.15 pm IST the rupee was seen trading at RS 52.40 down 33 paise.

Meanwhile, markets were seen trading down, with the Sensex down 148 points. The 50-share NSE Nifty was down by 52.85 points.

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