Rupee set to end 2012 with losses despite big inflows
The rupee is down 3% for the year (as on December 26), and is set to end the year with losses.business Updated: Dec 28, 2012 09:45 IST
The rupee is down 3% for the year as of December 26, and is set to end the year with losses.
The rupee is on course to become Asia's third worst performing currency this year: only the Japanese yen and the Indonesian rupiah have posted bigger losses, according to the currencies tracked by Reuters.
The rupee has had a volatile 2012, slumping to a record low of 57.32/dollar in late June, on concerns about India's current account and fiscal deficits.
Although the currency has recovered since mid-September when the government pushed ambitious reforms in retail and aviation, the performance contrasts sharply with the 25% gain in the Sensex this year.
The rupee is down even after the country attracted $24 billion in foreign inflows into stocks, the second highest in the past five years.