Monday, August 31
Mumbai: The rupee traded at an all-time low of 90.42/$1 through the trading session Thursday, but dollar sales from state-run banks and corporate inflows helped the unit close above the 90/$1 mark, ending a six-day slide for Asia's worst-performing currency this year. The rupee closed at 89.97/$, or 22 paise stronger, from its previous close of 90.19/$1. Weakness has stemmed from a wider current account deficit (CAD) and capital outflows, but the Reserve Bank of India (RBI) likely intervened at weaker levels on Thursday, stopping the currency from depreciating past the 90.50 mark, traders said. "The Balance of Payments (BoP) is likely to be negative for two consecutive years after a long time, CAD has risen and capital account outflows have picked up. The recent depreciation seems to be d
