The rupee dropped sharply in trade today, breaching the 54 level mark for the first time since September 21. The currency was trading at 54 to the dollar at 1.45 pm IST.
Month end dollar demand from oil importers weighed on the currency, while weak equities also contributed to the rupee's weakness. The Indian currency has exhibited a steady trend in the last few weeks, after hitting a low of 57.40 earlier this year.
A gush of foreign fund flow following reform measures have helped improve sentiment for the currency. However, this week the rupee is likely to remain volatile ahead of the RBI Monetary Policy.
A cut in the repo rate by the RBI on Oct 30, is likely to see market sentiments improving and the rupee trending higher.
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