The Indian Rupee opened at Rs 49.71 per USD and touched Rs 50 per USD mark. It ended lower for third consecutive day at Rs 49.93 per USD as against its previous close of Rs 49.68.
The widely traded 8.24%, 2018 paper closed higher at Rs 112.87 as against its previous close of Rs 112. Prices correctly took resistance around 50.05 as mentioned earlier. Immediate resistance falls around 50.45/55 followed by 51.10/51.20 levels.
Indian rupee resumed its southward journey against the dollar after a protracted sideways movement spanning almost two months. Concerns regarding increased Government borrowing target and widening current account deficit caused this bout of weakness. Plunging stock markets only exacerbated the currency’s decline.