The rupee fell in afternoon trading driven by a pickup in purchases by domestic oil importers and USD/INR looks set to test its next resistance at 52.50.
If it crosses 52.50 against USD, it might fall further to 53-54 on import payments of Oil and restructuring, said experts.
If it falls below 53.50/USD, RBI will intervene said sources.
The rupee is currently at 52.3850/3950, after closing at 52.07/08 on Friday, and many traders expect the central bank to intervene around 52.50. It had risen to 52.0150 in early trades.
Leave a Reply