News Column

Indian Rupee At More Than 3-month Low Against US Dollar

July 31, 2014

NEW DELHI (Alliance News) - The Indian rupee declined against the US dollar in morning deals on Friday, as the latter got a boost on hopes of an interest rate hike by the US Federal Reserve sooner-than-expected.

Traders await US jobs data, due later in the day, for further clues about the health of the US economy.

Regional shares also fell, with benchmark S&P BSE Sensex trading at 25,744, down 151.40 points or 0.58%, while broader CNX Nifty index falling by 41.25 points or 0.53%, to 7,680.

In economic news, India's manufacturing activity improved for a ninth straight month to a 17-month peak in July, survey data from Markit Economics showed. The HSBC Purchasing Managers' Index for manufacturing rose to 53 in July from 51.5 in June.

The rupee neared the key 61.00 level, reaching more than a 3-month low of 60.96 against the greenback. At yesterday's close, the pair was quoted at 60.94. The next possible downside target for the rupee is seen around the 62.00 mark.

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Source: Alliance News

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