Indian Rupee hit nine month low and breached 62 against dollar on Thursday morning early trade. This is the lowest since February this year and the conditions are looking really tough. This is a bad news for the importers who have to pay more money for the raw material into the country.
The global currencies are also week while Reserve Bank of India preferring to buy Dollar is another reason for Rupee to touch low. Analysts predict that Rupee will take its own time to recover but there are no immediate steps to half the strengthening of Rupee.