The Indian rupee slipped over 0.8 per cent on Tuesday to trade above the 66.50 mark against the U.S. dollar. The partially convertible rupee had closed at 66 per dollar on Monday.
The weakness in the rupee spilled into stock markets, with the BSE Sensex turning lower after a strong start. The Sensex had edged above the 19,000 levels in opening trade.
Stock markets have been gaining for the last four days, but analysts say rupee remains the key. The rupee is still within striking distance of the all-time low of 68.85 to the dollar struck on August 28.
Aggressive intervention by the Reserve Bank of India had helped lift the rupee off its low late last week. It has depreciated around 16 per cent since May, and has fared worse than other emerging market currencies that have been hit since the US Federal Reserve first hinted that it was considering tapering off its bond buying stimulus.
The BSE Sensex traded 20 points lower at 18,866 as of 09.20 a.m., while the Nifty dropped 12 points to 5,538. The rupee traded at 66.46 against the greenback.
Source:- profit.ndtv.com
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