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Rupee down; Cairn Energy stake sale outflows seen

Source : REUTERS
Last Updated: Tue, Sep 25, 2012 05:30 hrs
Employee shows dollar notes at foreign exchange unit at post office in Hyderabad

The rupee falls to 53.47/4750 from its previous close of 53.47/48. Dealers estimate outflows of around $940 million seen, which they say is likely on account of Cairn Energy's stake sale in Cairn India.

Cairn Energy was looking to sell an 8 percent stake in former unit Cairn India for about $940 million, a source with direct knowledge of the plans told Reuters on Tuesday.

Resistance for USD/INR seen at 53.66, the low hit on September 17 at around the start of the drop in the pair.

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