Indian rupee falls on heavy dollar buying
The Indian rupee fell yesterday, ending a two-day rally as heavy dollar buying by oil importers and a shaky stock market raised concerns of a possible dollar shortage in the market.
Indian rupee is expected fall against dollar, on double whammy of China`s reserve requirement ratio hike by 50 bps on Sunday from May 10 to cool property prices and weakness in Wallstreet on Friday after Dow Jones Industrial Average was hammered down by 1.4% on news about a federal criminal probe into Goldman Sachs` trading practices, said the brokerage house Anagram.