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Indias burgeoning current account deficit for the Aril-June quarter is burgeoning the rupee down. The current account Deficit for the quarter widened to $6.2 billion from a surplus of $3.39 billion in the corresponding quarter of the previous year,as imports outpaced exports. A distinctly softer rupee against the dollar saw it closing at Rs 44.55/57 On Monday ,hitting a 10-month low."I think the bullishness in the forex market is disappearing ever so slowly. The Rupee is not going to strengthen anymore in the short to medieum term" said Forex expert Jamal Mecklai. |
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| Posted : 10/13/2005 |
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