There seems to be no respite for the rupee as it continued downslide for the straight third session on sluggish local equities, logging its one-day biggest fall in a decade and stumbled by 148 paise to end at life-time low of 63.13 against the dollar, recovering from its historic intra-day low of 63.30.
Heavy dollar demand from importers and some banks amid fresh capital outflows also impacted negatively on the market.
At the Interbank Foreign Exchange (Forex) market, the local currency opened sharply lower at 62.30 a dollar from its previous close of 61.65 but tried to recover later to a high of 62.21.
It again turned negative to register its historic intra- day low of 63.30 before ending at 63.13, showing a fall of a massive 148 paise or 2.40 per cent. Previously, it had plunged by 124 paise or 2.57 per cent on 22 September, 2011.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,'Rupee continued to fall for the third straight day and breached 63.00 levels convincingly. Today (Monday) it has weakened 2.50 pct during the day to trade at a new all time low of 63.30. Also, selloff in the equity markets continued, mainly the exit of FIIs is hurting the market most.'
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: 'Expect spot Rupee to fall further, as now it is clear that the measures taken by the regulators to support Rupee will not have big impact...The trading range for the same is expected to be within 62.60 to 63.60.'
Forex market participants said inspite of such a massive weakness in rupee, there was no major sign of central bank intervening in the currency markets.
'Rupee continued with its slide against the US dollar and breached the level of 63.00. The host of measures taken by the central bank in recent weeks has failed to revive sentiments.
'On the global front, US treasury yields are increasing, the US dollar is trading flat and locally, Indian bond yields are also increasing which indicates that currently the markets are quite directionless. This calls for a cautious approach,' said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Meanwhile, forward dollar premiums improved further on persistent payment pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in January rose to 270-273 paise from 261-1/2-264-1/2 paise last Friday. Far-forward contracts maturing in July shot up to 521-525 paise from 504-508 paise. RBI fixed the reference rate for the dollar at 62.3461 and for the euro at 83.0686.
The rupee remained weak and plummeted further against the pound sterling to 98.79 from previous close of 96.41. It also nose-dived against the euro to 84.27 from 82.26.
Rupee dropped against the Japanese yen to 64.44 per 100 yen from last close of 63.24.
Heavy dollar demand from importers and some banks amid fresh capital outflows also impacted negatively on the market.
At the Interbank Foreign Exchange (Forex) market, the local currency opened sharply lower at 62.30 a dollar from its previous close of 61.65 but tried to recover later to a high of 62.21.
It again turned negative to register its historic intra- day low of 63.30 before ending at 63.13, showing a fall of a massive 148 paise or 2.40 per cent. Previously, it had plunged by 124 paise or 2.57 per cent on 22 September, 2011.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,'Rupee continued to fall for the third straight day and breached 63.00 levels convincingly. Today (Monday) it has weakened 2.50 pct during the day to trade at a new all time low of 63.30. Also, selloff in the equity markets continued, mainly the exit of FIIs is hurting the market most.'
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: 'Expect spot Rupee to fall further, as now it is clear that the measures taken by the regulators to support Rupee will not have big impact...The trading range for the same is expected to be within 62.60 to 63.60.'
Forex market participants said inspite of such a massive weakness in rupee, there was no major sign of central bank intervening in the currency markets.
'Rupee continued with its slide against the US dollar and breached the level of 63.00. The host of measures taken by the central bank in recent weeks has failed to revive sentiments.
'On the global front, US treasury yields are increasing, the US dollar is trading flat and locally, Indian bond yields are also increasing which indicates that currently the markets are quite directionless. This calls for a cautious approach,' said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Meanwhile, forward dollar premiums improved further on persistent payment pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in January rose to 270-273 paise from 261-1/2-264-1/2 paise last Friday. Far-forward contracts maturing in July shot up to 521-525 paise from 504-508 paise. RBI fixed the reference rate for the dollar at 62.3461 and for the euro at 83.0686.
The rupee remained weak and plummeted further against the pound sterling to 98.79 from previous close of 96.41. It also nose-dived against the euro to 84.27 from 82.26.
Rupee dropped against the Japanese yen to 64.44 per 100 yen from last close of 63.24.