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Rupee heads for 56; drops a huge 41 paise

 Rupee heads for 56; drops a huge 41 paise
Weakness in the rupee continued for the fourth successive trading session as weak global markets saw the losing momentum in the rupee continue.

The rupee was last trading at 55.87 to the dollar, down 41 paise over Wednesday's close. Equity markets across the globe fell, pushing Indian indices lower, which also had an affect on the rupee.

Asian stock markets fell after a preliminary survey of China's manufacturing sector raised alarm bells while fears grew that the U.S. Federal Reserve may withdraw its bond buying programme sooner.

The Indian rupee has been weakening against the dollar ever since the trade data showed gold imports surging. India had hoped that a fall in gold prices would reduce imports and help the current account deficit and the Indian rupee. However, that has not been the case with a falling gold prices pushing volume for gold higher.

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Story first published: Thursday, May 23, 2013, 9:55 [IST]
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