Rupee seen holding at 13-mth lows

Mumbai: The rupee is likely to hold at thirteen month lows on Thursday as investors wait for the stock market to gauge overseas appetite for local assets, with a dip in the oil price offering some slight respite from current falls.
The partially convertible rupee ended down 0.8 % at 42.45/46 per dollar on 14th may, off an intraday low of 42.67, which was its weakest since April 13, 2007. It had closed at 42.10/11 on 13th may, and has fallen 4.6 % so far this month.
Oil , India’s biggest import, traded below one hundred twenty four dollar per barrel, after touching a record near one hundred twenty seven dollar on 13th may. High global oil prices raise the risk of widening India’s trade deficit and putting downward pressure on the rupee.

One Comment

  1. Posted May 21, 2008 at 6:33 am | Permalink

    That can be directly effect on the economic growth on the indian infractructure.

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