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Indian rupee slide further, touches Rs17.34 against Dh1

The Indian rupee weakened further against the US dollar Tuesday morning, with a dirham now fetching Rs17.34 (UAE time 11 am).

The decline was a two-week low of 63.7900 from a high of 63.6500 against the dollar. On Monday, the rupee closed at 63.6900 against the dollar.

Experts expect the currency will likely to find support around the 64.05, which means Rs17.45.

HSBC, a global bank, has already predicted that the rupee to be the strongest of the Asian currencies in 2015.

“Lower oil prices should mean a persistent improvement in the current account and inflation. The Reserve Bank of India is committed to lowering inflation expectations and now has the ability to curb excessive rupee weakness,” Paul Mackel, head of Asian forex research, said.