Rupee worst performer globally during one-month period

Nov 18 2012, 12:49 IST
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SummaryAmid re-ignited concerns over the macro-economic scenario in India and abroad, the rupee has again slipped below the 55-level against dollar, the largest fall among its major peers globally in the past 30 days.

and Chilean Peso have fallen by 1.5-2.5 per cent against the US dollar.

Forex experts are divided over the rupee's future with some seeing respite in the short-term. "The rupee could face the resistance at 55.25 levels," India Forex Advisors' Founder and CEO Abhishek Goenka said.

Others feel things could get worse for the rupee.

"For currency, our view is that it is into impulse of falling trend and it will reverse the direction if it breaks the level of 48. Till then we may expect range bound activity

between 51 and 56. If it breaks 58 then on the higher side it may jump to 61 levels," Kotak Securities' Technical Research Head Shrikant Chouhan said.

A falling rupee makes crude oil and fertilisers, which India imports in large quantities, costlier and consequently hit the overall economic health of the country.

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