| Date: |
11-08-2015 |
| Subject: |
Rupee plunges 29 paise; opens at 64.16 per dollar |
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The Indian rupee plunged in early trade Tuesday. The currency has opened lower by 29 paise at 64.16 per dollar against previous close of 63.87.
Tirthankar Patnaik of Mizuho Bank said, "Expect rupee to remain weak in the medium-term as Indian equities align with global risk-off concerns and incremental disappointment on reform process by the government."
"Range for the rupee is seen between 63.70-64/dollar in the next 3-4 weeks. 64/dollar could be tough to break in the near term," he added.
The US dollar slipped from a nearly four-month high after comments from the US Federal Reserve's vice chairman stoked uncertainty over whether the US Central Bank would hike rates in September.
Source : moneycontrol.com
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