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Rupee drops 43 paise; trades 61.68 to the dollar

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Rupee drops 43 paise; trades 61.68 to the dollar
The rupee opened weak in trade today thanks to poor global cues and fears that the Fed may begin tapering its QE3 programme this month.

 

The rupee was last trading at 61.68, a drop of 43 paise over Wednesday's close. The Federal Open Market Committee Meet is slated to end on December 18 and a decision could be taken on QE3 tapering. It's possible that the meeting may end with the announcement of a tapering of the Fed's QE3 programme. Read more about QE3 tapering here

Dealers say the rupee might exhibit some volatility as the Fed meeting nears. The rupee is also expected to take cues from the RBI Monetary Policy meet slated for December 18.

A further hike in the repo rate might not augur well for the rupee.

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