Indian Rupee Slip To Lowest Level Since Dec 18, Trades At 64.26

After a flat opening the Indian rupee fell to its lowest level since December 18. Currently it is trading at 64.26 per dollar. On Wednesday it has closed at 64.15.

Mohan Shenoi of Kotak Mahindra Bank said, "Currency market activities remain muted during the last week of calendar year. Sharp spike in oil prices has not impacted Asian currencies and rupee so far. Exporter participation seen at higher levels."

We expect the USD-INR pair to trade in a range of 64-64.20 for the day. Government borrowing programme through dated G-sec for last quarter announced additional borrowing of Rs 50,000 crore. The bond market is expected to be bearish on this news and also on account of sharp rise in crude oil prices.

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