Rupee trades weak; breaches 62 levels

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Rupee trades weak; breaches 62 levels
The rupee was weak against the dollar in early trade and at one stage breached through the 62 level mark. The currency was last trading at 61.93, down 5 paise over Tuesday's close.

The dollar rallied against major global currencies, which was one reason why the rupee weakened in early trade.

The rupee has been steady for most of the year and has exhibited less volatility, since it hit its historic low of 68.81 against the dollar in Sept last year.

However, since then the rupee has recovered sharply thanks to a reduction in the current account deficit.

It's unlikely that the rupee would test these levels once again. In the immediate future the rupee would draw cues from the Monetary Policy and the forthcoming Fed policy meet, both of which are due next week. Check currency rates here

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