Rupee fells to 60.50 , nears its two month lower …


The rupee fell as much as 0.65 per cent to 60.55, its lowest level since April 29, as escalating tensions in Iraq continue to fuel concerns over inflation while subdued equity markets also weighed.

Brent crude futures held near $113 per barrel on Tuesday with the United States considering air strikes in Iraq as the security situation worsens in the key oil producing country.

“Rupee can go test 60.80 levels on inflationary concerns,” said Subramaniam Sharma, director at Greenback Forex.

The Nifty is down 0.1 per cent while the BSE Sensex is also flat after overseas investors sold Indian shares worth Rs. 194 crore on Monday.

Caution also prevailed ahead of the outcome of US Federal Reserve’s two-day meet.

The partially convertible currency is seen trading in a range of 60 to 60.85 during the session.

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