Rupee trades at 3 month low
Indian rupee was trading at 3 month low as investors were staying away from the investment in emerging market after the borrowing costs of Spanish and Italian Government increased yesterday. The news jitters investors that Europe may find difficulty to restructure its debt.
Additionally, the poor import data out of the world largest economy, China flamed concerns over the growth prospectus of global economy.
During the early trade, rupee depreciated 5 paise to Rs.51.52 per dollar on the Interbank Foreign Exchange trade.Yesterday, rupee was closed at 51.475/485 to the dollar on Tuesday