Huge FIIs' selling to keep rupee under pressure

Mumbai, May 28 (UNI) Rupee closed 33 paise lower at 45.88/89/USD this week, as compared to the previous week closing of 45.55/57, as equity markets saw huge foreign fund outflow.

As the stock markets crashed, rupee also touched a five-month low of 45.94/USD last week.

The large foreign fund outflow of Rs 5,735 crore since Monday will add pressure on the rupee.

Rupee will also be under pressure due to decline in the forex reserves by USD 793 million to USD 162.962 billion for the week ended on May 19, as per Reserve Bank of India's (RBI) weekly report.

The Indian unit may trade in the range of 45.50 to 46.00 in the coming week.

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