Rupee hits two month low; breaches 55

The rupee hit a two-month low against the dollar, briefly breaching the 55 mark in early trade, but, recovered to trade at 54.93 to the dollar at 10.10 am IST.

Most of the Asian currencies were trading lower today led by losses in equities, after additional spending cuts in the US were signed by US President Barack Obama.

Fresh worries over a political stalemate in Italy and anti-austerity parties across Europe being favoured saw selling in Asian currencies.

The Indian rupee is expected to exhibit a weakish trend in line with other currencies and on sustained demand for the dollar from crude importers.

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