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This is an archive article published on April 19, 2012

Traders on intervention watch as rupee falls

The rupee remained range-bound at near 14-week lows hit earlier in the session.

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The rupee remained range-bound at near 14-week lows hit earlier in the session,as traders brace for more pain in the local currency given the subdued outlook on growth and doubts about the extent of future rate cuts.

Traders remains on the lookout for possible intervention since most believe the central bank might take a stand when the rupee hits around the 52-level against the dollar.

The currency was last at 51.84/85 after slipping to 51.9450,its lowest since Jan. 10. It had closed down at 51.78/79 on Wednesday.

Dollar-selling by exporters and comments from India 8216;s trade secretary forecasting the current account deficit could fall to 3 to 3.5 percent of GDP in fiscal 2012/13,down from an expected 4 percent in the year ended in March,were seen as mild positives.

A Reuters poll showed analysts expect an additional 50 basis points easing in the repo rate during the fiscal year ended March 2013,after the Reserve Bank of India already delivered a cut of 50 bps in a single move on Tuesday.

 

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