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The rupee on Tuesday breached the 53-level mark for the first time in its history against the dollar on sustained capital outflows amid compounding woes of Indian economy. The domestic currency had opened lower at 53.10 and fell to a low of 53.51 in day trade. It ended at 53.23, against the previous close of 52.84.
The rupee had opened lower in the morning tracking the choppy equity markets. However, it regained some of the day's losses as domestic equities turned positive and as the euro gained in the overseas market.
According to bank officials and dealers, the rupee could weaken further if the Euro remains weak.
Mr Moses Harding, of IndusInd Bank, said, “The fundamentals for rupee are very weak. The domestic cues are bearish and the external sector is yet to see the worst.''
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