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Dec 22, 2012
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Rupee hits three-week low; ‘fiscal cliff’ progess eyed
The rupee hit a three-week low on Friday, extending its fall for a third straight week, as uncertainty over the U.S. “fiscal cliff” resolution dented demand for risk assets including domestic equities. Traders said month- and year-end dollar demand from oil and gold importers also added to the downward pressure on the local currency. Oil firms bought the greenback aggressively this week while gold importers purchased the U.S. unit to take advantage of relatively lower global gold prices.
Source -
http://www.firstpost.com
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