Rupee falls for 3rd day, hits 59.96 against dollar - NDTV

NDTV | Updated On: July 03, 2013 09:05 (IST) 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 59.96 as of 09.07 a.m. against Tuesday's close of 59.66. 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 continue 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) For Profit Update, via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHCrjRNBotehjqqvm80iPmd8Gp1mw&url=http://profit.ndtv.com/news/forex/article-rupee-falls-for-3rd-day-hits-59-96-against-dollar-324005

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