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Rupee slides past 56 to record low
Indian rupee fell past 56 per dollar to a record low as investors favoured the perceived safety of the greenback over emerging-market assets on concern Greece will leave Europe’s currency union.
“The external situation is negative and will keep the rupee under pressure,” said Kamlakar Rao, head of foreign- exchange trading in Mumbai at state-run Allahabad Bank. “The Reserve Bank of India may announce further policy changes.”
The rupee declined 1.1 per cent to 56.0050 per dollar in Mumbai, and touched a record low of 56.2213 earlier. The rupee’s one-month implied volatility, a measure of exchange-rate swings used to price options, rose 100 basis points, or one percentage point, to this year’s high of 14.5 per cent.
Swings in the rupee widened because today was the deadline for exporters to meet a new central bank rule that required them to convert a minimum of 50 per cent of their overseas earnings, Rao said.
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