Rupee drops below 63 as weakness continues

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Rupee drops below 63 as weakness continues
The rupee continued to exhibit weakness in trade today dropping below the 63 mark after several weeks on sustained demand for the US dollar.

The currency was last trading at 63.19, down 72 paise over Friday's close.

The rupee may continue to slide given that the RBI window for sourcing dollar requirement of oil marketing companies may end this month.

Ever since falling to a record low of 61.81 in September, the rupee has been showing signs of weakness.

This is despite the fact that there has been no exodus from foreign funds and in fact there has been robust dollar inflows from them. Check currency rates here

Read more about: dollar
Story first published: Monday, November 11, 2013, 10:05 [IST]
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