The spot rupee closed at a new low of 47.51/52 today for the fifth consecutive day. It had closed at 47.43/44 yesterday. The Indian currency earlier during the day fell to an all time intra-day low of 47.58. Forward premiums went up sharply on the back of a probable rate cut by the US Fed and high call rates.
The spot rupee opened weak around 47.43/44 level in the morning and weakened sharply during the day to touch 47.58.
The Indian currency, however, strengthened during the day due to the supply from the state-run banks led by State Bank of India, forex dealers said. Dealers felt that the state-run banks were acting on behalf of the Reserve Bank of India (RBI).
A dealer with a private bank said,
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