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Rupee flirts with 53 to the dollar

Helped by dollar sales from local companies, the Indian rupee pulled back on Monday to close at 52.8 to the dollar, 0.3% weaker from its close of 52.7 on Friday, after moving in a wide range of 52.7-53.3 during the day. HT reports.

business Updated: Dec 19, 2011 22:35 IST
HT Correspondent

Helped by dollar sales from local companies, the Indian rupee pulled back on Monday to close at 52.8 to the dollar, 0.3% weaker from its close of 52.7 on Friday, after moving in a wide range of 52.7-53.3 during the day. Experts said the currency is likely to trade in the 50-53 range against the US dollar in the next few months depending on the developments in the euro zone and the Indian economies.

"Today's fall in the rupee was the result of weak sentiments among investors who are worried about the slowdown in Indian economy," said Pramit Brahmbhatt, CEO, Alpari Forex. He expects more intervention by the Reserve Bank of India (RBI) to check the rupee's depreciation.

The RBI last week reduced net overnight open position limit or trading limit of banks to cut speculation from the domestic currency market, which saw the rupee hit a record low of 54.3 against the dollar.

"Rupee will trade in 50-53 in next few months," said Brahmbhatt. "The movement in rupee will be determined by the health of Indian economy and developments in the euro zone.

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