After a few weeks in the 63 range, the rupee breached the 64 levels with ease today. It is down a huge 25 paise at 64.15 to the dollar.
There was dollar demand from FIIs which pushed the rupee lower against the dollar. Foreign funds have been consistent sellers in Indian equities and on Wednesday they net sold heavily in the Indian markets after a weak monsoon forecast.
Dealers expect the Reserve Bank of India (RBI) to intervene at these levels and a significant downside in the rupee may not be seen.
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