The weakness in the rupee continued Wednesday with the currency falling 52 paise, or nearly 1 per cent in early trade. The rupee is trading at all-time lows. At 0910 hours, the rupee traded at 53.74 against the US dollar.
A weak Euro led to pressure on the Indian currency. Overnight, the euro sank 1 per cent against the dollar, putting the European currency at its lowest level since January.
Markets would now be keenly watching the Reserve Bank note on rupee slated to come with the Mid Year Policy review on Friday.
Analysts called for the central bank's intervention and hope that the RBI would cut interest rates. "The only solution perhaps is to take a strong stand on cutting rates. The interest rate differential between any pair of currency is long term determinant of trend," Sushil Kedia said.
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