News Column

Indian Rupee Falls To 5-month Low Amid Geopolitical Concerns

August 7, 2014

NEW DELHI (Alliance News) - The Indian rupee weakened against the US dollar in the morning deals on Friday amid risk aversion, as regional shares declined due to weak global cues.

The benchmark S&P Sensex is currently down to 87.28 points or 1.13% at 7,658, while the broader CNX Nifty Index is down to 77.75 points or 1.02% at 7,571.

US President Obama authorized targeted strikes in Iraq to protect the US personnel.

US President Obama's announcement heightened the risks as Russia's retaliations to sanctions imposed by the US and the West by banning some western food imports, with concern that President Vladimir Putin could ratchet up tensions by invading Ukraine.

Against the greenback, the rupee fell to a 5-month low of 61.7500 from an early high of 61.2400. At yesterday's close, the rupee was trading at 91.4800 against the greenback.

If the rupee extends its downtrend, it is likely to find support around the 61.90 area.

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Source: Alliance News

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