Rupee falls below 53-per-dollar mark
On Wednesday today 10 Oct 2012 Rupee fell below the 53 mark to hit its weakest level in nearly two weeks, tracking gains in the US dollar as investors reduce their risky bets amid concern about deteriorating global economic backdrop.
The rupee had closed at 52.72/73 to the dollar on Tuesday.
Dollar demand from oil and other importers is also expected to boost the US currency, though some resistance is expected around the psychologically important level of 53.
The euro fell for a third day amid worries that Europe’s failure to resolve its debt crisis is weighing on the region’s economy.
The 17-nation euro slid to its lowest level in one week against the yen.
Spain’s Prime Minister Mariano Rajoy is scheduled to meet French President Francois Hollande today in Paris amid mounting speculation that the Iberian nation will ask for a bailout.
The talks were set to resume this week.
German Chancellor Angela Merkel maintained pressure on Greece to meet austerity pledges, while reiterating her desire to keep the country in the euro.
After meeting Greek Prime Minister Antonis Samaras in Athens yesterday, Merkel told reporters that while “a lot has been done, much remains to be done.”
The rupee had closed at 52.72/73 to the dollar on Tuesday.
Dollar demand from oil and other importers is also expected to boost the US currency, though some resistance is expected around the psychologically important level of 53.
The euro fell for a third day amid worries that Europe’s failure to resolve its debt crisis is weighing on the region’s economy.
The 17-nation euro slid to its lowest level in one week against the yen.
Spain’s Prime Minister Mariano Rajoy is scheduled to meet French President Francois Hollande today in Paris amid mounting speculation that the Iberian nation will ask for a bailout.
The talks were set to resume this week.
German Chancellor Angela Merkel maintained pressure on Greece to meet austerity pledges, while reiterating her desire to keep the country in the euro.
After meeting Greek Prime Minister Antonis Samaras in Athens yesterday, Merkel told reporters that while “a lot has been done, much remains to be done.”
Copyright : IIFL
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