Indian rupee slips further, opens 7 paise lower at 68.14 per dollar

The Indian rupee slipped in the opening trade on Wednesday. It has opened lower by 7 paise at 68.14 per dollar.

In the previous session rupee ended at 68.07 (down 56 paise from Monday's close), a lowest level since January 2017 post BJP fell short of clear majority in Karnataka.

Anand James, Chief Market Strategist at Geojit Financial Services said, "With food and fuel prices pushing CPI higher, rupee’s weakness has hastened, sinking to 16-month low. Political uncertainty after the Karnataka elections also did not help."

"RBI’s recent minutes had also revealed a hawkish bias, and the firm inflation now agrees with the same. To this end, oil’s trajectory for the rest of the month and trade balance figures for April would be crucial as market weighs RBI’s take on the rates," he added.