Rupee falls, tracks emerging market currencies

Investors turn defensive after MH17 crash near Ukraine-Russia border

The rupee is trading at 60.26/27, off the one-month low of 60.46, but still below the 60.18/19 close on Thursday.

 

Sentiment for emerging markets has been negative after news of a downed Malaysian airlines jet at the Ukraine-Russia border sent investors to defensive assets.

 

The rupee faces good resistance at 60.50 levels, which mark the 76.4% Fibonacci retracement level of the April-May election-related dollar decline.

 

Shares recovered losses, with the 50-share Nifty up 0.2% on global risk aversion.