Rupee falls below 52, hits new 3-month low
However traders have not seen any clear signs of intervention
The rupee fell below 52 versus the dollar to a new three-month low, though traders have not yet seen clear signs of intervention.
The cross is testing resistance at 52.12, the 61.8% retracement of the December-February falls, with a convincing and sustained breach opening up the next resistance level at 52.95-00, the 76.4% retracement.
Traders have been warning $/INR is at risk of testing its mid-December record highs of 54.30, given the slew of domestic negatives and global economic woes.
$/INR was last trading at 52.09/10 to the dollar after hitting a new three-month low of 52.20 in opening trade. It closed at 52.14/15 on Thursday.