Rupee hits 1 week low as risk aversion returns

Tags: News
The rupee hits a one-week low of 61.50 in opening trade on risk aversion as tensions in Ukraine flared up and weak China data renewed concerns about global growth. The pair last at 61.42/43 versus Thursday's close of 61.17/18.

The pair up 0.6 percent so far this week, on way to break two weeks of losses.

U.S. retail sales rebounded in February and new filings for jobless benefits hit a fresh three-month low last week, suggesting the economy was regaining strength to push the dollar higher against a basket of currencies.

Data on Thursday showing that China's industrial output growth fell short of forecasts for the January-February period also likely to weigh on regional FX on heightened concerns about the region's economic powerhouse.

Asian shares skidded to a three-week low and the yen held steady at lofty levels on Friday, as heightened tension in Ukraine ahead of a weekend referendum prompted investors to shed riskier assets.

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