Rupee hits all time low; trading at 54.23

The rupee breached the 54 mark to open at 54.20 against a dollar. The rupee had closed at 53.71 yesterday. Currently it is trading at 54.23.

Analysing the trend, Sanju Verma said there were enough signals about the rupee weakening. The general sense is that the RBI does not want to throw good money after bad. The RBI data suggests that on two days in November, the Reserve Bank of India had intervened, but that had not help the rupee. The RBI’s ability to do anything is very much limited. The rupee is playting spoil-sport and on the exchange rate front, one will need to be prepared for the worst. 

According to Ssharad D Pawaar, SPFX INDIA: "The rupee is expected to slide further as the safe haven demand for the dollar continues. Investors converting holdings into dollar towards year-end is also pushing the greenback higher. Weak equity markets cues may also weigh on sentiment. The range for the day is seen between 53.75-54/$."