Rupee at 8-1/2 month low; Iran payments hurt

A street side restaurant owner holds a bundle of rupee notes as he sits outside his restaurant in New Delhi November 22, 2013.

Reuters Market Eye – The rupee fell to as low as 62.13 on Thursday, its lowest since March 4. The the Indian unit was last trading at 62.1150/1200 versus previous close of 61.96/97.

The rupee is seen falling more, as state-owned banks seen buying dollars for Iran payments.

Traders see the RBI stepping in to support the rupee if the USD/INR pair gains sharply.

Thr rupee is seen in 61.90/62.20 during the session.

Globally, dollar gains after Fed minutes show members relatively unconcerned about greenback’s strength.

By Reuters

 

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