Rupee below 53/dollar, approaches 4-month low

MARKETS-INDIA-RUPEE-DOLLAR:Rupee below 53/dollar; approaches 4-month low

May 02, 2012 / 14:17 IST

The rupee dipped below 53 to the dollar to touch a near 4-month low on Wednesday, buoyed by sustained greenback demand from oil refiners.

The local unit has been under strong pressure due to concerns about a slowing economy and drying inflows from foreign funds.

The rupee was last changing hands at 52.95/96 to the dollar.

USD/INR faces strong resistance at 52.94-00, the 76.4% retracement of its December-February fall, traders said.

first published: May 2, 2012 12:22 pm

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