Tracking the Non Deliverable Forwards (NDF) market, the rupee opened weak in early trade today. Dollar demand by corporates ahead of the Budget also weighed on the rupee.
The rupee was quoting at 62.24 at 10:15 am against the dollar compared with its previous close of 62.20. The one month NDF forward was quoting at 62.50.
"There is a lot of dollar demand from corporates as they don't want to keep their near term exposures open ahead of the budget," said Sandeep Gonsalves, forex consultant at Mecklai & Mecklai.
The Union Budget will be announced later this month by Finance Minister Arun Jaitley.
Few currency experts feel that the rupee may even break the 62.50 mark ahead of the Budget, but the RBI may not allow it to weaken beyond that.
Source:business-standard.com
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