 "rupee dollar")
The broad-based dollar rally continued to hammer the rupee even as forward premium remained elevated, indicating that the local currency could face further downward pressure.
The rupee closed at 69.87 a dollar on Wednesday, down from its previous close of 69.62.
The forward premium shot-up on Tuesday following $5 billion dollar swaps by the Reserve Bank of India (RBI). The central bank had to accept only five bids to cover the entire amount.
A rise in forward premium technically means that people are ready to pay any amount to hedge their long-term dollars at present rates as
The rupee closed at 69.87 a dollar on Wednesday, down from its previous close of 69.62.
The forward premium shot-up on Tuesday following $5 billion dollar swaps by the Reserve Bank of India (RBI). The central bank had to accept only five bids to cover the entire amount.
A rise in forward premium technically means that people are ready to pay any amount to hedge their long-term dollars at present rates as
