The Indian rupee hit a six-month low Tuesday, opening lower by 14 paise at 65.24 per dollar versus 65.10 Monday. Bhaskar Panda of HDFC Bank said, "The dollar has rallied a bit and emerging market currencies are on the defensive.
Also, the Indian government announcing that it would not be able to meet the fiscal deficit target outlined for the ongoing fiscal year and that it would likely overshoot it by around Rs 50,000 crore did not help matters.
The Indian rupee opened lower by 5 paise at 64.84 per dollar on Monday versus 64.79 Friday. Pramit Brahmbhatt of Veracity said, "Weak cues from equity market and concerns about growth on the domestic front will keep the rupee under pressure.
We expect the USD-INR pair to trade in a range of 64.20- 64.50 for the day, says Mohan Shenoi of Kotak Mahindra Bank. Indian rupee slips 24 paise in opening trade. The Indian rupee slipped in the early trade on Thursday. It has opened lower by 24 paise ...
The Indian rupee opened marginally lower at 64.17 per dollar on Tuesday against previous close 64.13. Bhaskar Panda of HDFC Bank said, "Trade gap widened due to tepid growth in exports and quantum jump in imports, as far as India is concerned.