ET:Rupee breaches 62 levels; talk abounds of return of oil demand
The rupee was down past 62 to as low as 62.1425 on consistent demand from state-run banks, say dealers. Pair last at 62.10/11 versus its previous close of 61.625/635.
The strong demand was sparking speculation that oil companies are now meeting some of their dollar demand in markets, as opposed to the special dollar window being provided by the RBI.
"We are seeing consistent bids from a few nationalised banks who usually bid for OMCs," said a state-run bank dealer, referring to oil marketing companies (OMCs). RBI chief Raghuram Rajan has previously said its dollar window would be tapered in a calibrated manner.
