Comments
The rupee recovered at mid-way to Rs 54.44 from its record low levels of 54.90 in early trade.
The domestic was trading at Rs 54.42/43 against the dollar in the evening session.
Earlier, the rupee touched an intra-day low of 54.90 to the dollar on sustained demand for the greenback from oil companies and foreign institutional investors, who are selling their investments in the Indian equity markets.
Forex market dealers say the Reserve Bank of India is trying to ensure that the rupee does not breach the crucial 55 mark as it will have implications for importers and Indian corporates who have borrowed overseas.
The sentiment on the rupee is bearish. In the global markets, risk-aversion appears to be setting in because of adverse developments in the debt-ridden Euro zone area countries.
Hence, investments are flowing into the US treasuries and the dollar is strengthening.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.