Indian rupee at 2 week low thanks to FII for taking out USD from indian markets

Indian National Rupee or poupularly known as INR touched two week low today at 48.88 / US $ since foreign investor's took out much investment which they made in indian markets over past couple of months due to which SENSEX ans Nifty also closed down today(read full report).

The details about the weak rupee is as follows (ovser past 2 days) :

The partially convertible rupee ended at 48.88/89 per dollar, 0.9 per cent below Tuesday's close of 48.45/46 per dollar. It is down 2 per cent so far this week. It hit a low of 48.9450 in intraday deals.

One-month offshore non-deliverable forwards were quoting at 48.97/49.07 per dollar in late Indian trade.

The dollar was steady while the yen climbed on Wednesday as uncertainty about the global economic outlook reined in investor risk-taking.

According to barclay's indian rupee will trade between 48.5 to 49.5 against a single US dollar.