Rupee hits near 2-month low, breaches 55 to the dollar

The Indian rupee hit a near two-month low in early trading on Monday, tracking losses in most other Asian currencies, although some corporate dollar selling helped prevent broader losses in the local currency.

At 9:08 a.m., the rupee was at 54.94/95, marginally weaker than its close of 54.90/91 on Friday. The unit dropped to as low as 55.15 in opening trades, its weakest since January 8.

Sentiment for the rupee has been bearish after a close above 54.80 on Friday, traders said.

However, USD/INR should see good technical resistance at around 55.15, ahead of the 55.89 peak in November.


Copyright Thomson Reuters 2013