| Date: |
06-07-2015 |
| Subject: |
Rupee slips as Greece rejects austerity measures |
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NEW DELHI: Rupee fell 20 paise to 63.64 against the US dollar in opening trades as Greeks overwhelmingly rejected austerity measures demanded by the international creditors in return for bailout money, throwing the euro zone into turmoil.
The local unit had settled at a two-month high at 63.44 on Friday.
Dollar index, which tracks the movement of dollar against major world currencies, rose 0.25 per cent to 96.35.
Brokerage JP Morgan believes that te forthcoming monsoon session and volatility in the Chinese markets are likely to drive rupee movement in the near-term.
The brokerage does not expect the Greece issue to have any major long-term impact on rupee.
"May see pendulum sort of move in the rupee," said Nilesh Shah of Korak AMC. The expert believes that it is difficult to predict rupee movement in the short-term.
Source : economictimes.indiatimes.com
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