Rupee drops on global risk-off
Reuters Market Eye - Rupee drops to 54.58/59 from its previous close of 54.2050/2150, tracking a global risk-off mood.
Asian shares down as investors worry about the fiscal crisis in the United States and the European economy's further deterioration, underpinning safe-haven currencies such as the yen and dollar.
Asian currencies trading mixed compared to the dollar.
Traders say losses in domestic shares adding to the bullish sentiment for the dollar. Shares down 0.7 percent.
Exporters, however, are expected to step up dollar sales and limit further sharp gains in the pair beyond the recent one-and-a-half-month low of 54.7850 touched on Tuesday.
- Tweet this
- Share this
- Digg this
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial
- SEBI cracks down on new funds, asset managers chafe
- Obama-Castro handshake - a sign of Mandela-like reconciliation?
- Russia's Putin orders military complete Arctic plan by year end
- Texas actress pleads guilty for ricin-laced letter sent to Obama
When Franklin Templeton's India unit wanted to launch a mutual fund that would switch allocation among stocks, bonds, gold and money markets, the Securities and Exchange Board of India (SEBI) baulked, deeming it too risky for domestic investors Full Article