The rupee opened the day lower at 65.09 vs the dollar, and fell sharply thereafter dropping 94 paise over Monday's close at 65.24. Emerging market currencies, particularly those with high current account deficits dropped against the US Dollar in trade today, with the rupee also being impacted.
The rupee is now fast heading for another record closing against the US Dollar.
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.
However, fundamentals of the rupee, particularly the high current account deficit has weighed on the rupee. Check rupee rates here
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