Rupee slides against the US Dollar

The spot Rupee ended lower at Rs 42.97 per USD as against its previous close of Rs 42.87. In early trading, the Indian Rupee (INR) breached the Rs. 43 mark to the US dollar and looks like the Indian Rupee will depreciate further against the US Dollar, with the crude oil prices rising steadily week on week.

For Forex Dealing companies and export houses, who had aggressively hedged their positions in the forex derivatives market, would now make huge derivative losses.