The rupee breached the 66 mark on heavy dollar demand creating another record in the process against the US dollar. Emerging market currencies, particularly those with high current account deficits dropped against the US Dollar in trade today, with the Indian rupee being the worst performer.
Worries over military intervention in Syria, was the prime reason for the rout in some Asian currencies.
Dealers say that unlike late last week when the RBI had intervened in the forex market, there was no intervention by the RBI in the last two days. Month end dollar demand from oil importers in the last couple of days also accelerated the rupee fall. To compound worries dealers say that the passage of the Food Bill accelerated the fall in the rupee, as fears that rating agencies may downgrade India on increase in Fiscal deficit, following passage of the Bill.
Fundamentals of the rupee, particularly the high current account deficit has weighed on the rupee. Check rupee rates here
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