Indian rupee rate against US dollar rose above 52,a new three-month low though traders have not yet seen clear signs of intervention.
The cross is testing resistance at 52.12,the 61.8 percent retracement of the December-February falls,with a convincing and sustained breach opening up the next resistance level at 52.95-00,the 76.4 percent retracement.
Traders have been warning USD/INR is at risk of testing its mid-December record highs of 54.30,given the slew of domestic negatives and global economic woes.
USD/INR was last trading at 52.09/10 to the dollar after hitting a new three month low of 52.20 in opening trade. It closed at 52.14/15 on Thursday.