Nifty slips below 5,500 for first time since April 12

The 50-share Nifty index slipped below its key psychological support level of 5500 in morning trade on Wednesday and hit low of 5486.85 for the first time since April 12.

According to analysts, the rupee is likely to head towards 64 levels in near-term and further weakness in the currency is likely to cause more pain in markets. If Nifty fails to hold on to its crucial support level of 5500 in near term, it could slip further to 5200 levels.

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