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31.10 - 20:37
RBI's $5 billion dollar/rupee swap expiry fuels dollar shortage concern
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Click here! The 1-month premium is down to 8 paisa against 11 paisa last Tuesday. Meanwhile, the dollar/rupee cash swap rate fell today, suggesting the banking system is already facing a dollar crunch.
The dollar/rupee cash swap rate was at 0.15 paisa, implying a rupee interest rate of about 6%. The overnight call rupee rate is at 6.80%, the report said.
The Indian rupee ended at a record closing low of 83.28 against the US dollar on Monday. The local currency depreciated by 2 paise to end at 83.28 a dollar as against Friday’s close of 83.26.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.13% to 106.51. During the day, the local currency hit a one-year low of 83.28 against the USD.
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