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Rupee at All-time Low, May Fall Further: JPMorgan

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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

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