The rupee gave up early gains and skidded to its lowest in more than two months on Monday, pressured by oil payments and subdued shares.
Tension between Iran and United States is likely keep demand for dollars strong as Indian companies would look to clear import dues as early as possible before any financial sanctions are imposed on Iran's customers, traders said.
“Outlook on the rupee seems a bit bearish as month-end dollar demand from oil companies will be strong,” said a currency trader with a brokerage. “On top of this equities too look weak.”
Rupee breaches 51.35 mark and trades at 2-months low.
Source: The Economic Times
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