Rupee hits low of
Rs 38.85, closes at
Rs 38.57
The Indian rupee touched an all-time low of Rs
38.85 during the earlier hour of trading and closed at Rs 38.57-60
against the US dollar in the interbank foreign exchange market
in Bombay today.
The market opened sharply higher at Rs 38.70-80 per greenback which
immediately rose up to Rs 38.85 on heavy month-end corporate and
banks demand. At that level, the Reserve Bank of India intervened
in the market and sold dollar in lot of US dollar five million,
which strengthened the rupee to Rs 38.35-45 in the mid-session, leading dealers
said.
However, as soon as the central bank moved out from the system, corporate sectors
and banks started buying dollar to clear the remittances,
drifting the rupee lower to Rs 38.63-68, forex manager said,
adding that again the RBI intervened at Rs 38.63 to arrest the further
weakening of the Indian currency as it closed against the US dollar.
Meanwhile, a RBI spokesperson said that
the Indian rupee opened lower at Rs 38.63-73 as against previous
closing of Rs 38.52-55 and crashed to an all time low of
Rs 38.80-90 per dollar, before recoiling back to Rs 38.37-47 on
RBI intervention and ending the day at Rs 38.55-59 a dollar.
The central bank intervened in the market at several
spot dollar levels. The forward premium went up by 2 to 3 paise
premium.
The State Bank of India was in the market, but business
was done in normal course. The SBI met its clients' demands in the market, but otherwise embraced a wait-and-watch attitude, dealers added.
Due to big month-end demand and shortage of supply following
the Thanksgiving holiday in the New York market, the rupee touched an all-time low, they added.
Good import booking was done in cash and spot basis while
moderate export booking was done at the near future in the merchant
section.
The future premium went up marginally. Cash to spot dollar was
closed at level to 0.5 paisa premium, spot/December traded
at 20-22 paise premium, spot/Jan at 42-45 paise
premium and six month dollar was quoted at 144-149
paise premium.
Meanwhile, the RBI has fixed reference rate at Rs 38.57 as
against Rs 38.47 per dollar on the last working day.
UNI
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