Indian rupee opens weak at 59.80 per dollar
The Indian rupee opened lower by 23 paise at 59.80 per dollar versus 59.57 Thursday. "The rupee is showing weakness due to capital outflows and weakness in other EM (emerging market) currencies, " says Ashok Gautam of Axis Bank.
June 21, 2013 / 09:10 IST
On Friday, the Indian rupee opened lower by 23 paise at 59.80 per dollar as against previous day's closing of 59.57 Thursday.
Ashok Gautam of Axis Bank says the rupee is showing weakness due to capital outflows and weakness in other EM (emerging market) currencies. Strong dollar buying in offshore markets is also adding to the pressure, he adds.He further says, "Possible intervention by RBI and some likely big ticket inflows may check the fall in rupee. The range for the rupee is seen between 59.25-60.25/USD."The dollar gained on the prospect of an end to super-easy money from the Federal Reserve. The euro too hold above 1.32 to the dollar. The dollar index was above 81.50 levels. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
