Rupee ends at 62.39, lowest close since 1 October
The Indian rupee at over a month low today tracking global gains in the dollar after an upbeat report on U.S. services sector activity kept alive some expectations the Fed might scale back stimulus as soon as next month.<br /><br />
The Indian rupee ended at over a month low today tracking global gains in the dollar after an upbeat report on U.S. services sector activity kept alive some expectations the Fed might scale back stimulus as soon as next month.
The rupee ended at 62.39 against the US dollar, down 77 paise or 1.24 percent even as some experts were seeing it rise above the psychological level of 60.
Andrew Holland, CEO, Ambit Investment Advisors, expects the rupee to weaken from here on as the dollar gets stronger
Analysts now see the currency headed downwards to 62.5 levels in the near term.
Some also see the rupee touching the 70 level once again.
AV Rajwade, Forexand Treasury Risk Management Consultant told Economic Times, "Given the inflation differentials, and I think they will persist, as the latest theory on inflation now is that it's a very much a demographic issue ... I'd say that there are greater chances of the rupee hitting 70 rather than 60."
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The Indian rupee fell for a fourth session on early follow-on demand from oil and defence importers, say dealers.
The rupee's close below 53.34 support exposes 53.06, 61.8 percent of Oct-Nov rally.<br /><br />