Rupee below 52 again; drops 30 paise

The rupee dropped below the 52 level again, as weak equities and dollar buying pushed the rupee lower. The Indian currency was trading at 52.17 against the dollar at 10.10 am IST, a drop 0.60% over Friday's close.

The rupee has been rallying sharply over the last few trading session on reform hopes that have sparked a rally in equity markets in India.

The currency has also been one of the best performing currencies in recent times. However, the best of the currency rally may be done for now and analysts expect the currency to remain steady at current levels.

The rally in the currency has also been helped by staggering dollar inflow from foreign funds into the Indian markets.

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