Key Points
MUMBAI, Sept 28 (Reuters) - The Indian rupee is likely to open near its record low levels on Thursday with the surge in crude oil prices and rising U.S. treasury yields expected to hurt the local unit...
Non-deliverable forwards indicate rupee will open close to its record low against the U.S. dollar compared with a close at 83.22 in the previous session..
The rupee came close to testing its record lows on Wednesday as well but likely intervention from the Reserve Bank of India (RBI)helped avert the fall...
"(A move to) 5% is looking more probable by the day," ING Bank stated in a note, referring to the possibility of the U.S. 10-year Treasury yield continuing its rise.. The dollar index also climbed to a fresh near-10-month high of 106.84 overnight and was hovering close to those levels..
Equity-related outflows also bolstered pressure on the rupee as foreign investors are close to breaking a six-month buying streak, having sold $1.51 billion worth of equities in September so far...
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