• SENSEX
    NIFTY 50
VIDEOS
Currency

Don't see RBI holding any particular level of the rupee, says Credit Suisse

Updated : August 16, 2018 11:30:51 IST

The Reserve Bank of India is focusing on managing the volatility rather than the level, said Ray Farris of Credit Suisse while talking about the rupee fall.

"I wouldn’t expect RBI to try to hold any particular level but they will intervene persistently to try to keep volatility under control and manage the pace at which the currency moves,” said Farris.

“Market in general has been weak at a global level. With the trade balance and current account balance in deficit, if portfolio investment flows turn negative, the currency has to weaken,” he added.

On Thursday, rupee opened at record low 70.19 against the US dollar and further slipped to 70.26. It hit 70 to the dollar for the first time on Tuesday, falling 15 paise intraday due to sharp depreciation in Turkish lira. The rupee has fallen more than 9 percent year-to-date and around 2 percent in August.

>>Follow our full coverage on Indian rupee here
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV

recommended for you

Advertisement