Indian rupee weakens to 10-month low on dollar strength

The Indian rupee was trading at 56.22/23 per dollar; its weakest since July 25, 2012. Dealers believe appreciation of American dollar and weak opening in domestic equity market have put pressure on the rupee.

May 29, 2013 / 16:25 IST

The rupee weakened to its lowest in 10 months on Wednesday tracking broad dollar gains versus global and Asian currencies.

The partially convertible rupee was trading at 56.22/23 per dollar as of 11.24 am, its weakest since July 25, 2012, and weaker than its 55.9550/9650 close on Tuesday.

Also read: Buy Indian Rupee; target 56.31: ICICIdirect.com

Appreciation of the American currency against major currencies overseas on robust economic data and a weak opening in the domestic equity market also put pressure on the rupee, dealers said.

The index of the dollar against six major currencies was up 0.3 percent, while the BSE Sensex was down 0.3 percent.

first published: May 29, 2013 01:57 pm

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