Rupee opens at 62.35/dollar; hits fresh all-time low
On Monday the Indian rupee opened at 62.35 per dollar, which is fresh all-time low against US dollar. It was closed at 61.65 on Friday.
August 19, 2013 / 13:12 IST
On Monday the Indian rupee opened at 62.35 per dollar, hitting fresh all-time low against US dollar. It closed at 61.65 on Friday.
Pramit Brahmbhatt, CEO, Alpari India said, "Rupee will continue to trade weak as recent policy decisions by the RBI have forced FIIs to withdraw money from the market. Moreover a weak equity high dollar demand from importers and strong dollar in the overseas market will put pressure on the rupee. The range for the day is seen between 61.2-62.3/USD."The euro was trading above 1.33 to the dollar. The dollar index was at 81.30 levels.With the Reserve Bank's policy focus geared towards supporting the rupee, the central bank may delay easing rates to between December and April 2014, a PTI report quoted Barclays.Also Read - Rate cuts may be delayed with RBI focus on rupee: BarclaysAccording to the global brokerage firm, the RBI is likely to remain focused on supporting the rupee, which has depreciated by more than 13 per cent since May and crossed the psychological level of 62 against the dollar last week.The industry has been demanding a cut in key policy rate to boost economic activities. Industrial output contracted for the second consecutive month in June.Inflation rose for the second consecutive month and shot up to 5.79 per cent in July, driven largely by double-digit rise in prices of food articles, including vegetables and onions. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
