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Rupee at one-month low as crude spikes on Iraq

It is trading at 59.47, after hitting 59.49, its lowest since May 15

Read more on:    Rupee | Forex | Asian Currency

Devaluations of the rupee

The rupee is trading at 59.47/48, after hitting 59.4925, its lowest since May 15 and below its close of 59.25/26, tracking weak global cues following tensions in Iraq and downbeat U.S. economic data.

Asian stocks slid and crude oil scaled nine-month highs on Friday as escalating civil war in Iraq hit risk appetite.

Asian currencies were trading mixed against the dollar.

Traders expect the pair to see some resistance around 59.50 levels and strong resistance at 59.60 levels.

The domestic stock market is trading marginally higher and will be watched for cues on foreign fund flows.


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