The Indian rupee has opened at its lowest level since June 28, 2012, i.e 11-months, on strong buying in US dollar. The rupee depreciated to 56.16 per dollar versus 55.96 Tuesday.Technical analysts see movement to be range bound.
Falling Rupee has impacted imports of scrap and coal, which are largely impacted due to movement in currency. Although Indian iron ore exporters have nothing to cheer as global prices incredibly low and exports are at its lowest levels.
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