The rupee opened the day weak at 63.84 to the dollar, once again heading for the 64 levels. The currency has now weakened from the 61.20 levels to the current levels in a matter of few days.
On Tuesday the rupee closed at levels last seen on Sept 10, 2013, after having endured a miserable August and first few days of September.
At one stage earlier this month the rupee looked set to strengthen to the 60 levels. But now it looks set to weaken to the 64 levels. The currency closed at 63.70 on Tuesday.
Fears of QE tapering is back to haunt the markets. On Friday, the US jobs data was rather robust which clearly signalled that tapering could begin later this year, rather then next year. This is likely to continue to put pressure on the rupee. Check rupee rates here
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