Indian currency, Rupee, has depreciated to 65.87 per USD, making steel import costlier and providing better opportunity to Indian exporters.
In today’s morning trade, Rupee depreciated to a 2-year low of 65.87 against US dollar. This has made steel import costly and has given some room to Indian steel mills to remain competitive on export front.
Rising demand for dollar from importers, aggressive selling by foreign portfolio investors and devaluation in Chinese currency, Yuan, have dented market sentiments, leading to depreciation in Indian currency.
The Rupee, which has now touched Sept’13 levels, has been relatively stable compared to other currencies.
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