Thursday, 6 June 2013

Indian Rupee falls to 57, hits fresh 11-month low

The Indian rupee falls to 57 versus the dollar, its lowest since June 28, 2012, versus its previous close of 56.7250/7350.
Weak domestic shares and foreign institutional investors' (FIIs) selling about 39 billion rupees of index futures in the last four trading sessions weighed on the rupee.
Asian currencies were mixed versus the dollar.Increase of import duty on gold by the government by a third to 8 percent failed to support the rupee. The world's biggest buyer of bullion seeks to halt a surge in gold demand that threatens to widen a record current account deficit yet further.
The yen was sharply higher on Thursday as a rout in Japanese stocks forced investors out of popular carry trades, while commodity currencies were under fierce pressure with the Australian dollar wallowing at 19-month lows.
Dealers will watch for the IIP for April set to be released on June 12, and WPI data for May due on June 14 for direction.

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