Rupee heading for its all-time low, likely to hit 77/$ level: Poll

Heavy dollar selling by Reserve Bank slows the pace of fall

Posting its worst weekly loss in 11 months, the rupee on Friday breached the 76/$ level despite heavy dollar selling by state-run banks on behalf of the Reserve Bank of India, slowing the pace of depreciation.

The currency weakened 1.15 per cent against the dollar this week. Dealers estimated the central bank’s intervention on Friday to the tune of $1-1.5 billion.

Participants in a dipstick survey by Business Standard said the rupee could be heading for its all-time low and test the 77/$ level if crude oil prices continued to surge. Some expect the rupee to cut losses after touching 77/$ in