Rupee plumbs new lows on month-end dollar demand
Indian rupee weakened to a life-time low- closing at 85.12/$ on Monday due to strong dollar demand by corporates to help meet month-end payment obligations, traders said. It previously closed at 85.01/$1. Last week, the rupee had touched a record low of 85.08/$1 on a closing basis.
«The Reserve Bank of India likely intervened in the currency market to prevent the exchange rate from depreciating further from the 85.12 levels. There were dollar sales from public sector banks, likely on behalf of the RBI,» a currency trader from a state-run bank said.
The RBI's foreign exchange reserves dropped to a six-month low of $652.8 billion, reflecting the central bank's frequent interventions.
Traders expect the rupee to strengthen a bit as the calendar year ends.
The dollar index rose 0.1% to 107.9 during the day, while the 10-year US Treasury bill was trading at 4.52%.
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