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The rupee weakened as dollar demand rose, with banks becoming more cautious about buyer's credit and letters of credit after the Punjab National Bank fraud. State-run banks sold dollars intraday, trimming the rupee's fall to 65.17 per dollar.
The rupee has lost about 1.3% since the fraud surfaced on February 14.
Tighter trade finance raises the cost of importing for Indian buyers and could slow purchases of feed inputs priced in dollars. A weaker rupee makes dollar-priced imports more expensive in local terms.
thehindu.comManojit SahaFeb 28, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
