Rupee worst performer globally during one-month period
NDF market is an offshore market to trade and hedge in currencies like the rupee (which are not fully convertible) and many institutions are betting on a further fall, said the head of treasury at a nationalised bank.
Among the major currencies in Europe, Middle East and Africa, Israeli 'New Sheqel' has depreciated by around 4 per cent against the US dollar, followed by Euro's 2.78 per cent drop, Russian Ruble's 2.77 per cent fall and Swiss Franc's 2.4 per cent loss.
The Kuwaiti Dinar has been one of the lesser hit currencies in this zone, falling around 0.52 per cent.
The South African Rand has, however, lost 1.88 per cent value against the US dollar. The losses registered by the Moroccan Dirham are steeper at 2.27 per cent.
Across major American currencies, the Canadian dollar, Mexican Peso, Brazil Real, Argentine Peso and Chilean Peso have fallen by 1.5-2.5 per cent against the US dollar.
Forex experts are divided over the rupee's future with some seeing respite in the short-term. "The rupee could face the resistance at 55.25 levels," India Forex Advisors' Founder and CEO Abhishek Goenka said.
Others feel things could get worse for the rupee.
"For currency, our view is that it is into impulse of falling trend and it will reverse the direction if it breaks the level of 48. Till then we may expect range bound activity
between 51 and 56. If it breaks 58 then on the higher side it
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