RTTN:Indian Rupee Drops To 5-day Low Against US Dollar
(RTTNews) - Monday, the Indian rupee fell against the US dollar on the back of weak domestic equities that reached a three-and-a-half week low as concerns that rising oil prices may drag worldwide growth.
The market remains cautious that if the oil prices continue to stay higher, it will cripple the domestic economic activity, which in turn, will hinder the RBI's efforts to lower interest rates.
Extending losses for a fourth consecutive session, the benchmark 30-share Sensex ended the session down about 480 points or 2.67 percent at 17,446. The 50-share Nifty index fell by 148 points or 2.73 percent to 5,281.
The rupee reached below 49.30 against the dollar for the first time in 5-days, having depreciated almost 0.9 percent from Friday's new multi-week high of 48.8750. If the rupee weakens further, likely support is seen around the 49.38/40 level.
