Jun 24, 2013, 10.03 AM IST | Source: Moneycontrol.com

Rupee depreciates 33 paise to 59.60 per dollar

Indian rupee declined 33 paise to 59.60 per dollar in early trade Monday. Rajeev Malik of CLSA feels the rupee could break above 60/USD in early 2014 and possibly depreciate to 62-65/USD

Indian rupee fell by 33 paise to 59.60 per dollar in early trade Monday as against Friday's closing of 59.27 per dollar.

Rajeev Malik of CLSA expects the rupee to depreciate further, but the trajectory won't be a straight line.

"Given the recent outsized rupee move, it will find some near-term respite because of more measures to encourage capital inflows and the anticipated improvement in the CAD (current account deficit)," he added.

According to him, the rupee could break above 60/USD in early 2014 and possibly depreciate to 62-65/USD.

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