The Indian rupee slipped to its all-time low on December 12, pressured by dollar bids in the non-deliverable forwards (NDF) market and from importers while dollar-selling intervention by the central bank kept a lid on its losses, traders said.
The rupee weakened to a low of 84.8625 to the US dollar, inching past its record low of 84.86 hit in the previous session.
State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India (RBI), traders said.
Heightened dollar bids in the NDF market alongside strong dollar buying by local importers, including oil companies, has weighed on the rupee in recent sessions, a trader at a state-run bank said.
Asian currencies were mixed while the offshore Chinese yuan rose 0.1% to 7.26 after declining to a low of 7.29 in the previous session. The dollar index was little changed at 106.5.
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