The Indian rupee dropped 12 paise against the dollar to trade at 54.30 at 12.30 pm IST. Prolonged drop in equities, which lost ground for seven successive days, prompted buying in the dollar.
The rupee has remained steady against the dollar over the last few weeks. However, dealers says that a sudden rise in political stability could weigh on the rupee, which may dip below the 55 mark.
Foreign funds have not been buying aggressively in the Indian markets after pumping huge amounts last year and towards the beginning of this year. This had helped to support the rupee, which had last year hit a record low.
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