Rupee drops again; slides 80 paise in two days

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 Rupee drops again; slides 80 paise in two days
In a span of just two-days the rupee lost significant ground dropping almost 80 paise in two trading days.

The rupee was trading at 53.62 to the dollar on Friday, down 21 paise over Thursday's close.

Brokerage firm Nomura has estimated that India's current account deficit may have touched a peak of 4.9% of GDP during the quarter ended September 30. The rising current account deficit is always likely to weigh on the rupee. The rupee has gained over the last few weeks following the government's reforms measures initiated in September 2012.

The rupee is likely to remain choppy going forward and may require RBI intervention.

Read more about: currency
Story first published: Friday, October 19, 2012, 9:46 [IST]
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