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Rupee headed towards 53 mark; hits four month low

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Rupee headed towards 53 a mark; hits four month low
INR
73.233United States Dollar
88.760Euro
A slowdown in foreign fund inflows, coupled with a strong dollar demand from importers weighed on the rupee. The partially convertible Indian rupee fell sharply by 20 paise to Rs 52.93 per dollar on the Interbank Exchange on Wednesday.

The dollar also strengthened against all major currencies.

 

The beginning of the month tends to have lesser pressure on the rupee, as demand for dollars towards the end of the month gathers momentum. However, the sharp surge towards the beginning of the month, shows the weak fundamentals of the rupee, particularly the acceleration in the current account deficit.

Also, the dollar has been strengthening against other currencies, as data emanating from the US has been encouraging, like the recent manufacturing data.

The Indian currency opened at 52.65 per dollar against Monday's close of 52.73 . At 12.30 pm IST the rupee was seen trading down 20 paise at Rs 52.93.

Meanwhile, Markets were seen trading up, with the BSE sensex gaining 59 points. The 50-share NSE Nifty was up 16 point.

GoodReturns.in

Read more about: currency dollar euro banks
Story first published: Wednesday, May 2, 2012, 12:58 [IST]
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