Rupee falls past 56.52/dollar to hit new life low

The rupee fell to a record low on Thursday tracking a slump in global risk assets, including the euro, and hurt by continued greenback demand from oil importers.

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At 1.17 p.m, the rupee was at 56.5025/54 after falling to as low as 56.55, past its previous record low of 56.52 hit on May 31.

Traders remained wary of pushing the rupee lower after the RBI was suspected intervening earlier in the session.

The 50-share NSE Nifty has touched the 5100 level amid selling pressure as index heavyweights Reliance Industries, Tata Consultancy Services and State Bank of India extende fall in afternoon trade.

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The BSE benchmark went down 62 points to 16,834.70. Meanwhile, the NSE benchmark was trading at 5,103.45, down 17 points after hitting an intraday low of 5,094.60

Meanwhile, JPMorgan has upgraded Indian equities to “overweight” from “neutral”, citing a number of factors including historic valuations, expectations for monetary stimulus, lower oil prices, and a weak rupee.

The investment bank, in a report dated June 21, said it was “overweight” on private banks, IT services, and health care, but was “underweight” on consumer discretionary, energy.

Reuters