The Indian rupee on Tuesday hit a new record low of 61.51 against the U.S. dollar edging past the previous low of 61.21 hit on July 8.
The partially convertible currency traded at 61.47 as of 10.02 a.m. as against Monday's close of 60.88.
The rupee weakened despite the dollar dipping against a basket of major currencies. Equity markets also saw selling pressure and weighed on the currency. The BSE Sensex slipped below the key 19,000 mark for the first time since June 27.
The prospect of further rupee falls is leading traders to expect additional measures from the RBI. Standard Chartered Bank expects the RBI to announce more measures to tighten cash conditions if the improvement in cash situation continues.
In the offshore non-deliverable forwards (NDF), the one-month contract was at 61.47 while the three-month was at 62.34.
Jamal Mecklai of Mecklai Financials told NDTV that the NDF market or the currency futures market is not a major driver of the Indian currency. The government and the Reserve Bank should instead focus on growth, he added...
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- Unknown Updated at: Tuesday, August 06, 2013
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