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Rupee prolongs declining streak for a second straight session on Friday

24 Dec 2011 Evaluate

Indian rupee prolonged the declining streak for a second straight session on the last trading day of the week after worries over cooling economic growth weighed on local equities while, the need to meet the month end payments intensified dollar buying by importers. On the global front, euro traded at almost the lowest level since January against the dollar as French gross domestic product grew at a slower pace than previously estimated; adding to concern the European economy is stalling.

Finally the rupee ended at 52.96, weaker by 24 paise from its previous close of 52.72 on Thursday.

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