Rupee logs sharpest fall since June 8, ends at 95.24 against dollar

Mumbai: The Indian rupee slipped past the 95 per dollar mark for the first time in nearly a month ahead of anticipated hawkish commentary from the US Fed chair, Kevin Warsh. The dollar index also climbed past 101. The rupee ended at 95.24 on Wednesday, 58 paise weaker from its previous close of 94.66 per dollar. Reserve Bank of India interventions as the rupee crossed 95 levels helped contain further losses, traders said. This is the rupee's steepest fall since June 8. Rupee trading weaker from 94.80 levels opens a new range for the currency in the coming days, trades said. They expect it to trade between 95.00 and 95.50 on Thursday. Over the past month or so, the currency traded in the range of 94.20 to 94.65 per dollar.

"The RBI was selling dollars in the first half around 94.75 and 95 levels as they wouldn't want a weaker rupee when there are inflows expected from FCNR deposits and European Central Bank loans," said Anil Bhansali, head of treasury at Finrex Treasury Advisors.