Rupee Hits Three-Week Low on Rate Pause

December 18, 2012 10:37 AM GMT

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(Photo: Reuters)<br>Rupee
(Photo: Reuters)
Rupee

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Rupee at three-week low, breaching 55/dollar, on continued disappointment after RBI keeps rates on hold.

Rupee falls to 55.0550, lowest since November 29; now at 54.98/99 versus 54.84/86 last close.

Senior dealer says exporters are holding back dollar sales at time of strong dollar demand, pushing up the dollar.

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Rupee may extend weakness to 55.50/dollar, adds dealer.

"It will need RBI to provide dollar supplies or take out the oil demand from the market to drive rupee back into 54.60-54.10," he adds

Copyright 2012 Thomson Reuters. All rights reserved.
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