Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Rupee slumps to 3-week low of 54.85 against US dollar

Dec 17 2012, 21:32 IST
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The rupee today nosedived to a three- week low of 54.85 by losing 37 paise against the dollar due to persistent demand for the US currency, amid the government lowering economic growth forecast for the current fiscal. (PTI) The rupee today nosedived to a three- week low of 54.85 by losing 37 paise against the dollar due to persistent demand for the US currency, amid the government lowering economic growth forecast for the current fiscal. (PTI)
SummaryThe rupee today nosedived to a three- week low of 54.85 by losing 37 paise against the dollar due to persistent demand for the US currency, amid the government lowering economic growth forecast for the current fiscal.

May moved down to 160-162 paise from last Friday's close of 164-165 paise.

Far-forward contracts maturing in November also ended lower at 304-1/2-306-1/2 paise from 309-1/2-311-1/2 paise. The RBI has fixed the reference rate for the US dollar at 54.6290 and for euro at 71.8595.

The rupee remained weak against the pound sterling to 88.86 from last close of 87.82 and also dropped further against the euro to 72.16 from 71.35.

It, however, reacted downwards against the Japanese yen to end at 65.53 per 100 yen from previous close of 65.04.

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