Jun 11, 2013, 09.52 AM | Source: Moneycontrol.com
Indian rupee has touched a record low of 58.30 per dollar in opening trade Tuesday as against previous day's closing of 58.15 per dollar.
NS Venkatesh of IDBI Bank told CNBC-TV18 that the high current account deficit (CAD) will continue put pressure on the rupee.
He could not determine whether the Reserve Bank of India (RBI) would intervene to stabilise the currency.
Rajeev Malik of CLSA said ironically, India had further opened up debt investment to FIIs just when global factors made that inflow into EMs less attractive. "The volatility and the swings in risk-driven foreign capital compromise rupee stability."
According to him, the rupee will eventually weaken to cross the 60/USD mark in a sustained manner. "Admittedly, this is playing out sooner than we expected."
Rupee ends at fresh 29-month low of 68.30, down 45 paise
The rupee had slumped to its all-time closing low
Rupee cracks 68-mark in late morning deals, down 18 paise vs USD
The Indian unit resumed lower by 10 paise at 67.95
Rupee down 10 paise; opens at 67.95 per dollar
We expect the USD-INR to trade in a range of 67.75
RBI net seller of dollars in December, sells USD 179 mn
The central bank bought USD 2.620 billion from the
Rupee opens flat at 67.90 per dollar
We expect the rupee to trade in a range of 67.85-6
Rupee seen between 67.85-68.10/USD range: NS Venkatesh
Bonds pared early gains to close lower yesterday m