The rupee on Tuesday breached the 80 per US dollar mark for the first time. The attention of the traders is on the upcoming US Federal Reserve meeting as it is expected that a hike in the interest rate would be announced.
After a week that saw the Rupee settle at a new low versus the dollar, Tuesday’s opening session saw it breach the psychological barrier of 80 as it was trading at 80.05 per dollar. Many experts believe that at the end of July Rupee could be seen at 80.20 per dollar and by the end of September 80.50 per dollar is expected.
Foreign fund outflows from India this year have exceeded the combined inflows of the previous two years, with foreign investors withdrawing a record $29 billion from Indian assets this year.
After rising for two consecutive sessions, Indian equity indices opened lower on Tuesday, following a broader sell-off in Asian markets and an overnight drop on Wall Street.
