Nifty tests 200 DMA; record low rupee weighs

The Nifty declined 1.5 per cent to test its 200 day moving average for the first time since April 16, after the rupee fell to a new record low of 58.92 to the U.S. dollar. Rupee's continued weakness is stoking fears that foreign investors may pare positions and clouding expectations for a rate cut by the central bank at its monetary policy review on June 17, dealers said. "Given the INR weakness is already causing a lot of pa...