Rupee slips below 54 on broad dollar strength

Rupee fell below to 54.12/13 versus its previous close of 54.8050/8150 as dollar gained versus major currencies and other Asian units.

Traders however say there is likely to be good resistance around 54.20 levels, a level from which it has bounced back in recent sessions.

The pair is expected to hold in a 54 to 54.20 range initially with domestic share market performance being watched for direction.

The U.S. dollar hovered around two-month highs against a basket of major currencies in Asia on Monday as investors sought the safe-haven currency given uncertainty surrounding the U.S. presidential election.




Copyright Thomson Reuters 2012