RUPEE AT 14-WEEK LOW
DATE: 19/04/2012
The Indian rupee continues to fall, touching its weakest level in more than 14 weeks and heading closer to technical support at 52.12, as the country's economic challenges and a cautious central bank inspire little confidence.
Intervention might become a factor as the rupee approaches 52 against the dollar, a level that some traders believe sparks a closer eye from the Reserve Bank of India. It was last at 51.91/92 after slipping to 51.9450, its lowest since Jan. 10.
It had closed down at 51.79/79 on Wednesday.
Initial support for the rupee is seen at 52.12, the 61.8 percent retracement of the December-February gains.
However, the central bank is facing a widening current account deficit as well as market concerns about liquidity, potentially constraining any future moves to sell dollars.
POWERED BY: COMMODITY INSIGHTS
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