Rupee slides down further, now 53.23/$

Dec 14, 2011 |

Age Corespondent

mumbai

Hectic buying of dollars by importers, particularly oil companies, took the rupee to yet another record low of 53.23/24 against the US currency — a drop of 39/40 paise.

With the domestic and global economic scenario deteriorating, importers were taking no chances with the rupee depreciating every day.
“Speculators too took advantage of the arbitrage afforded between the onshore and offshore markets in Dubai and Singapore, where the rupee is traded,” said Premal Chheda, analyst at Macklai Financial and Commer-cial Services.
He said the rupee can fall to 54.00 to the dollar in a week but not much beyond that, and it could recover by the end of the month to 51/52 to the dollar.

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