Rupee likely headed to 64; NDFs surge to record
The government continues with incremental steps, banning duty-free import of flat-screen televisions
 "Rupee likely headed to 64; NDFs surge to record")
The rupee is poised to hit another record low high at open with non-deliverable forward (NDF) rates signalling the currency may test 64/USD in early trading.
It last closed at 63.13/14 after charting a high of 63.30. USD/INR 1-month NDFs surged in NY trade to close at 64.53-58.
Traders did not cite any significant RBI intervention on Monday even as the currency fell 2.3%. Dealers cite continued dollar demand from state-run banks for oil, defence and other interest payments.
The government continues with incremental steps, banning duty-free import of flat-screen televisions. The RBI raised cap on foreign direct investment in asset reconstruction companies.