 "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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%