Rupee hits near two-month low; good support seen for now.

Mumbai: The Indian rupee hit a near two-month low in early trading on Monday, tracking losses in most other Asian currencies, although some corporate dollar selling helped prevent broader losses in the local currency.

At 9.08am, the rupee was at 54.94/95, marginally weaker than its close of 54.90/91 on Friday. The unit dropped to as low as 55.15 in opening trades, its weakest since 8 January. At 9.22am, the BSE’s benchmark Sensex was trading at 18,862.23 points, down 0.30%.

Sentiment for the rupee has been bearish after a close above 54.80 on Friday, traders said. However, the dollar-rupee pair should see good technical resistance at around 55.15, ahead of the 55.89 peak in November.


Source : livemint.com