 "Rupee drops to two-year low of 66.80")
The rupee hit a two-year low in intraday trade against the US dollar tracking the Non Deliverable Forward (NDF) market and depreciated by 0.5 per cent as against Friday's close. The rupee slipped to 66.80 as against a closing of 66.46 on Friday. It had opened at 66.58 today.
The rupee had hit 67.09 vs US dollar on September 4, 2013.
Sandeep Gonsalves, forex consultant and dealer, Mecklai & Mecklai explained that this was due to the rupee tracking the NDF level. He also added that the Asian currencies have also been weak against the US Dollar and that could also be a reason for its weakening.
"There is central bank support. Hence, rupee is holding around 66.80 levels," he said.
The rupee had hit 67.09 vs US dollar on September 4, 2013.
Sandeep Gonsalves, forex consultant and dealer, Mecklai & Mecklai explained that this was due to the rupee tracking the NDF level. He also added that the Asian currencies have also been weak against the US Dollar and that could also be a reason for its weakening.
"There is central bank support. Hence, rupee is holding around 66.80 levels," he said.