Indian Rupee Declines To 5-week Low Against U.S. Dollar
June 16 2015 - 7:22AM
RTTF2
The Indian rupee lost ground against the U.S. dollar in evening
deals on Tuesday, due to persistent worries over Greece debt
default.
The rupee was also hurt by the firm dollar, which was lifted up
ahead of the Federal Reserve meeting starting today.
The rupee slipped to 64.3025 against the greenback, its lowest
since May 12, from an early 4-day high of 63.965. Continuation of
downtrend may lead the rupee to a support around the 65.00 mark.
The pair ended yesterday's trading at 64.105.
In economic news, data from the Ministry of Commerce and
Industry showed that India's exports declined for the sixth
consecutive month in May.
Exports logged an annual double-digit decline of 20.19 percent
in May, while imports plunged 16.52 percent from last year.
Consequently, the trade deficit narrowed to $10.41 billion from
$10.99 billion in the prior month.
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