| Date: |
10-10-2012 |
| Subject: |
Rupee falls past 53, weakest in nearly 2 weeks |
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Mumbai: The Indian rupee fell past the 53 mark on Wednesday to hit its weakest level in nearly two weeks, tracking broad gains in the dollar, as investors were wary of taking on risk amid concerns of weak earnings in the US.
The currency was trading at 52.90/92 in early morning trade compared with its previous close of 52.72/73. Most Asian units were trading weaker to mildly positive versus the dollar.
Dollar demand from oil and other importers is expected to weaken the Indian currency, 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.
Source : livemint.com
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