Indian exporters have already sold nearly half their foreign currency in their accounts following the RBI's recent mandate on May 10, traders estimate.
Subir Gokarn, a deputy governor at the RBI, said late on Monday that exporters should be coming into the market to sell dollars on Tuesday and Wednesday.
However, traders estimate only around $400-$500 million remains unsold from exporter accounts, out of total exporter dollar sales of $2.5 to $3 billion that had been expected.
With demand from oil firms and corporates high, these exporter sales are likely to do little to prevent the rupee from falling, they say.
The rupee trading at 54.97/98 per dollar after hitting a new life low of 55.09, earlier in the day.
