The rupee breached the 53 per dollar mark to open at 53.10 and went down to an all-time low of 53.17 to a dollar. It had closed at all-time low on Monday after a severe contraction in IIP data and growing European concerns made investors wary. Dollar remained a safe haven amid a spate of bad news, says Brijen Puri of JP Morgan.
Speaking to CNBC-TV18, Puri said so far the Reserve Bank’s action has been muted. The apex bank has been trying to stem the volume for a while, but had admitted its inability to hold the rupee-dollar gap. Puri fears the global scene may push rupee down further.
According to Vikram Nanivadekar, Verity Analytics: “Given the global developments & the dollar’s strength, the pressure on the rupee is likely to persist. The range for the day is seen between 52.70- 53.35/$.”
Source : CNBC-TV18
