Rupee breaches 55 as economic data disappoints

The rupee hit the 55 levels against the dollar, and was trading at 55.92, as economic indicators including the industrial production data, CPI inflation and trade data disappointed.

The rupee had opened steady at around the same level as Friday's closing and soon appreciated to 54.62 against the dollar, but, dropped sharply after key data emerged.

The rupee has now hit a two-month low against the dollar and is certainly bad news, particularly the volatility in the currency.

In September the rupee had appreciated sharply, after the government had initiated a slew of reforms to revive investor sentiments.

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