Rupee hits 3-1/2-month low

The rupee fell to a three and a half month low in early trade on Tuesday as concerns over retrospective taxation loomed among foreign investors, while weak Asian peers and broad dollar strength added to the pressure.

Stocks also fell to their lowest in nearly four weeks.

The partially convertible rupee fell to 63.1550 per dollar, its lowest since Jan. 8 and compared to its previous close of 62.91/92 when it had fallen the steepest intraday since Dec. 16.

The broader 50-share Nifty fell 0.38 percent, its lowest since March 30, and headed towards a fifth consecutive day of decline.

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Source:Reuters

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