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If we confess our sins, he is faithful and just and will forgive us our sins and purify us from all unrighteousness.

28 Jan 2016


The rupee slipped for the third consecutive day, dropping 15 paise or 0.2 per cent to fresh 29-month low of 68.20 per dollar. It had closed at 68.05 on Wednesday, marking its second-worst closing low.

Sustained selling by foreign investors has led to nearly 3 per cent depreciation in the rupee this year. In the first four weeks of 2016, foreign institutional investors have sold equities worth nearly Rs 11,000 crore, weighing down the currency.

Foreign investors are aggressively selling shares in stock markets because of the crash in crude oil prices and concerns about China's growth. The steady decline in the rupee may have contributed to redemptions as a weak rupee dents the returns of foreign investors, traders say.
Scare of further fall in Rupee has made FIIs sell more recently; they will come back! Count on accelerated domestic fund flow too!
— Porinju Veliyath (@porinju) January 26, 2016
Month-end dollar demand from importers, such as oil marketing companies, is also weighing on the rupee, analysts say.
USD/INR test the might of 68.20 resist point from across the board demand from importers and FIIs while exporters stay aside for 68.60-68.85
— Moses Harding (@mosesharding) January 28, 2016

Analysts are confident that the Reserve Bank will defend the rupee and not let it fall past the record low of 68.85 hit in August 2013.
"RBI's reserves have gone down by $4.5 billion, which indicates that the central bank has been supporting the rupee around 68/dollar," said TS Harihar of HRBV Client Solutions.

As of 10 a.m., the rupee traded at 68.13 per dollar, while the broader Sensex and Nifty were flat.

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