Fall in onshore forward premiums could push rupee even lower

Quick Summary

A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said.

It had touched a low of 2.80% in the previous session, its lowest level since Nov.25, 2011."The situation is really bad.

However, RBI forward intervention has made it more acute in India's case," IFA Global Research said in a note.

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Author / Journalist: Reuters

Category: Economy

Topics: Rupee against dollar Rupee low Rupee Cash dollar shortage Rupee record low Business news

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 16:59:07

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Reading Time: 3 minutes read

Article Length: 444 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 5655

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