Rupee drops for fifth day in a row

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Rupee drops for fifth day in a row
Persistent demand for the US dollar, particularly from oil importers saw the rupee drop for the fifth day in a row.

The currency was trading at 55.61, down 8 paise over Friday's close. Forex dealers say that the rupee continues to remain weak, particularly as fund flow from foreign institutional investors has virtually dried.

Weakening fundamentals, particularly rising trade deficit, which is likely to hit the current account deficit has affected sentiments for the rupee.

Month end demand for dollars from oil importers is likely to continue to see pressure on the rupee in the next few days.

Read more about: currency
Story first published: Monday, November 26, 2012, 13:23 [IST]
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