The rupee dropped 33 paise in early trade and is heading for a big weekly loss as global cues continue to play spoilsport.
The rupee was last trading at 62.14 against the US dollar. After having made substantial gains towards the early part of the week following a handsome win for the BJP in the state elections, the rupee declined through the week on worries that the Federal Reserve may begin its QE3 tapering. Read more on QE3 tapering here
Today, the rupee weakened further after inflation came in higher then expected and fears rose that the Reserve Bank of India would hike interest rates again.
The rupee is likely to end the day lower today and would be extremely volatile the next week ahead of the Fed meet and the RBI meet slated for December17 and December 18 respectively. Check rupee rates here
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