Rupee hits 20-month low

May 07, 2015 14:56

Mirroring losses in India's equity markets, the rupee too came under pressure and fell to its lowest level in 20 months, below 64/USD on Thursday.

Traders said the uptick in non-deliverable forwards traded in Singapore was hitting sentiment for the local unit and prompting custodian banks to sell the rupee, Reuters reported.

The report further added that the fall in currency was weighed down by concerns over the government's taxa taxation policies that threaten to reduce the allure of local assets for foreign institutions, while a global debt sell-off also hurt.

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