For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Rupee drops 44 paise as trade deficit widens

    |
     Rupee drops 44 paise as trade deficit widens
    INR
    68.628 US Dollar
    The trade deficit which came in at a seven month high, saw escalated drop in the Indian rupee, which dropped 44 paise in early trade at 58.31. against the Dollar.
     

    Dealers say that the trade deficit numbers were ugly, prompting fresh demand for the dollar. A nearly 90 per cent jump in gold imports in May was the prime reason why India's trade deficit spiralled, pushing the rupee lower.

    Also, foreign funds are beginning to net sell in Indian equities, which is doing more harm to the rupee. They have been net investors for several months now in Indian equities.

    The currency and equity markets are awaiting the Federal Reserve Chairman, Ben Bernanke's comment after the Fed meeting later this week. Any hints of QE withdrawal could see the dollar gain in strength vis-a-vis major currencies, Including the Indian rupee.

    GoodReturns.in

    Read more about: dollar currency
    Story first published: Tuesday, June 18, 2013, 9:29 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    Notification Settings X
    Time Settings
    Done
    Clear Notification X
    Do you want to clear all the notifications from your inbox?
    Settings X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more