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    Viral Patel
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    The Indian rupee slumped to its lowest level against the US dollar in nine months, trading at 62.25 rupees per dollar. The rupee has fallen for five straight weeks due to global factors like a broad rally in the dollar causing weakness in other currencies as well. Expectations of an interest rate cut by the Reserve Bank of India next week are also putting pressure on the rupee.

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    Rupee falls to 62.5

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    Rupee Falls

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    The Indian rupee slumped to its lowest level against the US dollar in nine months, trading at 62.25 rupees per dollar. The rupee has fallen for five straight weeks due to global factors like a broad rally in the dollar causing weakness in other currencies as well. Expectations of an interest rate cut by the Reserve Bank of India next week are also putting pressure on the rupee.

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    © All Rights Reserved
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    4 views1 page

    With Inputs From Reuters

    Uploaded by

    Viral Patel
    The Indian rupee slumped to its lowest level against the US dollar in nine months, trading at 62.25 rupees per dollar. The rupee has fallen for five straight weeks due to global factors like a broad rally in the dollar causing weakness in other currencies as well. Expectations of an interest rate cut by the Reserve Bank of India next week are also putting pressure on the rupee.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Therupeeslumpedto62.

    25perdollarinmorningtrade,alevellastseenninemonthsagoonFebruary
    20.Thepartiallyconvertiblerupeetradedat62.09perdollarversusFriday'scloseof62.03asof3.03
    p.m.
    Therupeehasfallenforfivestraightweeksnow.Itdroppednearly0.5percentlastweek.InNovember,
    therupeedeclined1.1percent.
    Therupeeisweakeningbecauseofglobalfactors.Abroadrallyinthedollarhasledtoweaknessin
    nearlyallcurrencies.Theeuroandtheyenarealsotradingatmultiyearlowsagainstthedollar.The
    dollartopped119yentoitshighestsinceJuly2007.(Alsoread:NiftyFlatAfterHittingRecordHigh)
    ExpectationsofacutininterestratesonTuesdayarealsoweighingonsentiments,analystssay.
    (Read:RBIMayKeepPolicyRateUnchangedonDecember2)
    "Forwardsmarketandthedebtmarketsarediscountingaratecutnextweek,"saidVikasBabu
    Chittiprolu,aseniorforeignexchangedealerwithstaterunAndhraBank.
    (WithinputsfromReuters)

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