Rupee falls below 60 amid global dollar rally - NDTV

The Indian rupee opened lower against the dollar and is on track for a third straight day of losses. The partially convertible rupee traded at 60.02 as of 09.27 a.m. against Tuesday's close of 59.66. "It is very difficult for the currency to appreciate on a sustained basis in the current environment. There are concerns about QE tapering and high current account deficit," Sonal Varma of Nomura told NDTV. Fresh selling pressure came on account of strength in the greenback, which hovered at one-month highs against a basket of major currencies on Wednesday. The U.S. dollar gained broad momentum after breaking above 100 yen for the first time since early June. The euro, which the rupee closely tracks, hit a fresh one-month low near $1.2950. The rupee is still not too far from the record low of 60.76 hit last week. Foreign investors have been heavy sellers of debt and stocks in recent weeks. Still, in the near-term, the rupee could cont inue to find support from rumoured inflows related to Unilever's $5.1 billion open offer for its Indian unit, dealers said. (With inputs from Reuters) via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEmW6CQJzVOoF7SU0CQ-Fgszn4kvg&url=http://profit.ndtv.com/news/forex/article-rupee-falls-below-60-amid-global-dollar-rally-324005

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