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  1. Rupee trades near 13-month low on global risk aversion

Rupee trades near 13-month low on global risk aversion

The indian rupee weakened further today as risk aversion towards emerging markets continued to weighed on the currency.

By: | Mumbai | Updated: December 17, 2014 12:08 PM
Indian rupee fell by 34 paise to trade at fresh 13-month low of 63.87 against the dollar. AP

Indian rupee fell by 34 paise to trade at fresh 13-month low of 63.87 against the dollar. AP

The rupee was trading around 63.75/$ in early trade, down 12 paise from Tuesday’s closing of 63.53/$.

Currency dealers said that  intraday the rupee could hit 64/$ if the dollar demand persists.  At this level, exporters are expected to sell dollars.

Further, with the curency having fallen by over 1.5% so far this week, oil marketing companies could step up dollar purchases as well, fearing a further slide in the currency . This could put more  pressure intraday.

Caution ahead of the two-day US Federal Reserve’s policy meet that begins today also kept the rupee down.

However, currency dealers also said that the Reserve Bank of India may step in to sell dollars to prevent a sharp fall of the rupee. Until October, the RBI had been a net buyer of dollars. But the central bank is believed to have sold dollars around 63.59/$ on Tuesday.

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Tags: Indian Rupee
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