Rupee trades weak at 61.11 to the dollar

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Rupee trades weak at 61.11 to the dollar
The rupee was trading marginally weak at 61.11 to the dollar in early trade. Dealers say that demand from importers for the dollar continued. Also, the last one week has seen the rupee falling , but no intervention from the Reserve Bank of India.

It's unlikely that the RBI would intervene as it would be comfortable with the rupee at the current levels. A sharp appreciation in the rupee tends to hamper exports.

In fact, the rupee has appreciated from record lows of 68.81 in the month of Jan, to the current levels of Rs 61. The rupee may see volatility as we draw closer to the election results.

Analysts are betting on a significant appreciation in the rupee, should a Narendra Modi government assume charge at the centre. Check currency rates here

Story first published: Friday, April 25, 2014, 10:01 [IST]
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