Rupee snaps winning streak; drops 15 paise to trade at 54.51

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, July 4, 2012, 9:28 [IST]

The rupee lost momentum today, dropping 15 paise against the dollar to trade at 54.51. The rupee has been rising sharply over the last two days and today's dip is more of a temporary aberration say analysts and forex dealers.

The rupee has been rising steadily as penchant for riskier assets returns. Equities have rebounded sharply in the last one week and the rupee has followed the strong momentum in equities. Dealers say that the rupee could continue to gain on positive sentiments across the globe.

The euro too has recovered against the dollar. Meanwhile, the Sensex was up almost 50 points.

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