Monday, March 2, 2009

Indian Rupee is at Record Lows

The Indian rupee is at a record low of Rs 51.80 per dollar on the back of dollar buying by oil companies. Most other Asian currencies fell too on global risk aversion.

Citi has said the rupee may touch touch Rs 54 per dollar levels in the next two to four weeks. “Customers are still on the short side,” it said. “The rupee will move along with other Asian currencies as risk aversion is still there. Any RBI intervention will smooth the movement but cannot stop the rupee slide.”

Standard Chartered said it expects rate cuts to happen soon.

“There is little fresh supply coming from the market and with global equity markets weakening outflows, it is likely to put pressure on the rupee,” said HDFC.

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