Rupee slumped against dollar trade as weak global economic data raised concerns over the growth of the economy in the global market. Yesterday US had released data for home price and consumer confidence data. Both the data’s had slipped in contrary to the expectation of rise.
The data for home price slipped 1.3% in November and Consumer confidence data fell to 61.1 in January from 64.8 in the previous month in US, which signaled investors that the growth is taking reverse trend.
The weak sentiment spread across the Asian market. Thus the demand for dollar increased from foreign investors. The dollar index, a gauge of tracking six currencies movement was up 0.05 to 79.33 during the early trade in overseas.
At the same time, euro continues its previous session declines and was seen at 1.3073, down 0.0011 from the previous day close.
Rupee was trading at Rs.49.57 per dollar, declined 13 paise per dollar on the interbank foreign exchange trade. Rupee trades lower by 5 paise against euro to Rs.64.80 at 10:12 hrs.
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