The rupee dips to an 8-month low against the dollar. The US currency rose on consistent demand from oil importers, while inflows from FIIs were not forthcoming.
The breach of the Rs 40.80 technical barrier led to some exporter cancellation. The RBI has refused to let the rupee appreciate as a tool to tame inflation. This will be a bit of releif for the exporters and the IT Companies as they have major financial dealings in the Rupee.
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