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Rupee slips past 62.50 per dollar, hits 10-month low

| | Dec 14, 2014, at 03:04 am
#Rupee slips past 62.50 per dollar # hits 10-month low
New Delhi, Dec 12 (IBNS): The rupee slumped past 62.50 per dollar on Friday, the weakest since February 6, media reports said.
At its day low, the rupee slipped 18 paise against Thursday’s close of 61.33 per dollar.
 
Sources said the rupee can now slip to 62.85 per dollar.
 
Traders will be eying if the Reserve Bank intervenes in the currency market to support the rupee via state-owned banks.
 
According to reports, the reasons for the fall in the rupee are such as broad dollar strength as it was firmer against most of its major peers after upbeat US retail sales data, selloff by foreign investors and resuming of oil prices from their downward slide on Friday.
 

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