Rupee hits fresh low of 89.79 per dollar as NDF positions mature

The rupee depreciated to a fresh low of 89.79 per dollar on Monday weighed down by maturing non-deliverable forward (NDF) positions and a strong demand for dollars among importers.

- ANJALI KUMARI

The absence of a trade agreement between India and the United States continues to dampen the market sentiment. The local currency regained some strength by the end of the trade, likely on the back of intervention by the Reserve Bank of India (RBI) via dollar sales, said dealers. It settled at 89.56 per dollar, against the previous close of 89.46 per dollar.

The rupee has depreciated by 4.56 per cent in the current financial year so far, whereas it has witnessed 4.4 per cent depreciation in the current calendar year.