Rupee slips to record low but central bank steps in to curb losses
Indian rupee declined to its all-time low on Thursday, pressured by dollar bids in the non-deliverable forwards (NDF) market and from importers while intervention by the central bank kept a lid on losses, traders said.
The rupee weakened to a low of 84.88 to the U.S. dollar, down 0.04% on the day. The currency was quoted at 84.8750 at 10:00 a.m. IST.
State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India (RBI), traders said.
Heightened dollar demand in the NDF market alongside strong dollar buying by local importers, including oil companies, have weighed on the rupee in recent sessions, a trader at a state-run bank said.
The prospect of a weaker yuan presents another headwind to Asian currencies after Reuters reported on Wednesday that China is considering allowing a weaker yuan to weather the tariff risks under the incoming Donald Trump administration.
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