Greece exiting Euro damapens risk sentiments
Indian rupee weakened against the US dollar on Friday soon after industrial production contracted sharply, for the first time in five months, which heightened the risk of sluggish economic growth. In addition, losses in higher yielding currencies on Greece political stalemate and rising borrowing cost in Euro-zone also weighed on risky assts including local stocks and currency.
At the end of the day, the partially convertible ended at 53.63/64 to the dollar; down 21 paise as compared to 53.44/45 closes on Thursday.
Indian rupee is set to open lower against the US dollar in opening trade in sync with other Asian and riskier currencies as risk sentiments hurt badly in early Asian trade after Greece political leaders failed to form a coalition government, seeking investors for safety on heighted risk of Greece exiting Euro. At the same time, German Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, further added negative tone in Euro.
Indian rupee weakened against the US dollar on Friday soon after industrial production contracted sharply, for the first time in five months, which heightened the risk of sluggish economic growth. In addition, losses in higher yielding currencies on Greece political stalemate and rising borrowing cost in Euro-zone also weighed on risky assts including local stocks and currency.
At the end of the day, the partially convertible ended at 53.63/64 to the dollar; down 21 paise as compared to 53.44/45 closes on Thursday.
Indian rupee is set to open lower against the US dollar in opening trade in sync with other Asian and riskier currencies as risk sentiments hurt badly in early Asian trade after Greece political leaders failed to form a coalition government, seeking investors for safety on heighted risk of Greece exiting Euro. At the same time, German Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, further added negative tone in Euro.
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