Rupee slides again; down 49 paise

The partially convertible Indian rupee reversed its previous gains today on the Interbank Foreign Exchange market, due to dollar strengthening against euro and other major currencies.

Rupee generally follow the footsteps of Euro, if euro drops against the dollar, same trend can be visible in the Indian currency as well.

On Thursday, the rupee saw a appreciation and closed at 54.94 higher by 42 paise on persistent FII inflows. The rupee was seen trading at Rs 55.43 down 49 paise at 12.24 pm IST.

Forex dealers said besides weakness in the euro against the dollar overseas on reduced hopes for more monetary stimulus by the Federal Reserve, a weak opening in the stock market after four straight sessions of gains,also put pressure on the rupee's value, reports PTI.

Meanwhile, the BSE benchmark index Sensex today dropped by 96 points to 16,550 and Nifty dropped 30 points to 5,018.

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