The Indian rupee weakened to yet another all-time on Wednesday, hurt by the continued unwinding of carry trades and on dollar demand from local importers. The rupee fell to its record low of 83.9725 to the dollar before closing at 83.9550, its weakest closing level ever. The currency has hit record lows for four straight … Read more
Jayesh Mehta, Vice-Chairman & CEO, DSP Finance explains the fall in the rupee against the dollar. Mehta says overall, it is a risk-off situation and that is where we saw some appreciation in Asian markets, particularly Japan. There was an unwinding of a lot of carry trades in the case of Japan. For India, we … Read more
India’s rupee will not drop past the 84-per-dollar mark even if the greenback strengthens further from current levels as the nation’s central bank will step in to defend the currency, according to Standard Chartered Plc. “The Reserve Bank of India has been protecting rupee from depreciating very sharply,” Parul Mittal Sinha, head of India financial … Read more
