Rupee likely headed to 64; NDFs surge to record

Traders did not cite any significant RBI intervention on Monday even as the currency fell 2.3 percent. Dealers cite continued dollar demand from state-run banks for oil, defence and other interest payments.

August 20, 2013 / 08:48 IST

The rupee is poised to hit another record low high at open with non-deliverable forward (NDF) rates signalling the currency may test 64/USD in early trading.

Also read: Rupee breaches 63/$; down 148p in decade's biggest drop

It last closed at 63.13/14 after charting a high of 63.30. USD/INR 1-month NDFs surged in NY trade to close at 64.53-58.

Traders did not cite any significant RBI intervention on Monday even as the currency fell 2.3 percent. Dealers cite continued dollar demand from state-run banks for oil, defence and other interest payments.

The government continues with incremental steps, banning duty-free import of flat-screen televisions. The RBI raised cap on foreign direct investment in asset reconstruction companies.

first published: Aug 20, 2013 08:48 am

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