BS:Rupee breaches the 56-mark against the dollar again
The rupee breached the 56-mark against the dollar again and was trading at its lowest levels in 10 months on Wednesday due to month-end dollar demand and strengthening of the dollar against other global currencies.
At 1320 hours, the rupee was trading at 56.25 a dollar compared with previous close of 55.97 against the dollar.
“There is month end dollar demand from oil importers and the dollar has strengthened against other currencies in the international market. These factors are keeping the rupee weak,” said Akhil Thomas, assistant manager (forex), Federal Bank.
According to dealers, the Reserve Bank of India (RBI) has not been interfering to arrest the rupee's fall as their forex reserves have been falling. Dealers are also of the view that the rupee may fall further in the days to come and may near its all-time low.
