Rupee back at 53; weakest in two weeks

The rupee fell below the 53 mark to hit its weakest level in nearly two weeks versus its previous close of 52.72/73, tracking broad gains in the dollar as investors are wary of taking on risk amid concerns of weak earnings in the United States.

hidden October 10, 2012 10:02:34 IST
Rupee back at 53; weakest in two weeks

The rupee fell below the 53 mark to hit its weakest level in nearly two weeks versus its previous close of 52.72/73, tracking broad gains in the dollar as investors are wary of taking on risk amid concerns of weak earnings in the United States.

Rupee back at 53 weakest in two weeks

Reuters

Most Asian units were weaker to mildly positive versus the dollar.

Dollar demand from oil and other importers is also expected to boost the pair, though some resistance is expected around the psychologically key 53 level with exporters likely to step in to sell the greenback, dealers said.

The pair is likely to move in a 52.80 to 53.20 band during the day, they added.

Reuters

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