Rupee Continues to Dip in Trade; Hits 3 Month low

The rupee continued to weaken and touch a three month low of 63.44 as against its previous close of 63.32.

Weakness in the rupee was on account of demand from foreign funds who have sold heavily in the debt markets. In fact, they have also sold in the cash segment of the market.

The continued weakness in the rupee is likely to continue say brokers on account of demand from FIIs. There may be some month-end demand also that could come which may have prompted dollar mopping today.

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