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Rupee hits a fresh all time low against dollar; Pranab says RBI intervention will not help

22 Nov 2011 Evaluate

Turmoil continues to persist in money markets as Indian rupee prolonging its downward trajectory, hit a fresh all time low against the dollar on Tuesday, as oil refiners and other companies scrambled to buy dollars, with the currency looking increasingly vulnerable to a swelling current account deficit. Exposure to short-term portfolio flows, a rising oil import bill and slowing export growth has heightened the risk on the rupee, thereby clouding its outlook.

However, even the halt of eight day’s long losing streak of benchmarks at Dalal Street failed to bring in respite for the Indian currency. Meanwhile, the dollar has stuck near a six-week high against a basket of currencies on Tuesday on a sharp pullback in global risk appetite as the sovereign debt storm intensified on both sides of the Atlantic. Severe dollar funding strains supported the U.S. currency as European banks scramble to secure cash dollars, with the dollar money market seizing up and investors fearing that a fall in euro zone government bond prices could pummel European banks. However, in the eye of the storm, the euro held up remarkably well at $1.3487, above a six-week low of $1.3421 hit last week, helped by speculation of more short-covering in the currency.

Back on the home turf, Finance Minister Pranab Mukherjee reacting to this in a statement a said that, “the Reserve Bank of India is monitoring forex markets and will take required action as the situation unfolds”. The RBI intervening will not help, there will be a self-correction and we will have to watch the situation, he added

The partially convertible currency is currently trading at 52.57, weaker by 45 paise from its previous close of 52.12 on Monday. It has touched a high and low of 52.73 and 52.33 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 51.71 and for Euro it stood at 69.88 on November 21, 2011. While, the RBI's reference rate for the Yen stood at 67.31 and the reference rate for the Great Britain Pound (GBP) stood at 81.4173. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date	1US$	1GBP
November 21, 2011	51.71	51.71
November 18, 2011	51.35	80.9734

RBI Reference Rate

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Rupee hits a fresh all time low against dollar; Pranab says RBI intervention will not help

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