Rupee drops to 2-yr low against $

The rupee weakened by more than 19 paise against the dollar on Friday to close at a two-yearlow of 66.76 as the greenback gained against major currencies. The dollar has been gaining ground in recent days on expectations that the US Federal Reserve is likely to raise interest rates soon.

Foreign exchange dealers said the rupee could breach the 67 level. “After breaching the 66.5 resistance level, the next resistance is at 67.2. Given the overall dollar strength, it could go to 67.5,“ said Hariprasad MP , headtreasury at Centrum Direct .

Source :- Times Of India,28-Nov-2015