November 21, 2011

Rupee weakens Further, reaches 51.75 vs USD

The Indian Rupee continued its downward trend and reached a new low of 51.75 against the US Dollar. The decline was attributed to the rising demand of the US dollar among the investors.

The Oil imports bought dollars on a large scale. The investors are definitely worried about the slower growth and high inflation.

On Friday, the Rupee ended at 51.3350/3450 against the USD after touching 51.7950. It would be interesting to see whether it would reach 52 today or tomorrow.

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