The Indian rupee fell the most among emerging market peers on Tuesday as shares slumped after weak global manufacturing surveys raised growth concerns, while month-end dollar demand from importers also hurt sentiment for the local unit. Traders are also bracing for volatility ahead of the policy review by the Reserve Bank of India on September 30 and the end of the first half of the financial year the same day.
"The rupee should remain in a 60.50 to 61.10 range in the coming days," said Chintan Karnani, chief analyst at Insignia Consultants, a currency risk advisory firm in New Delhi. The partially convertible rupee ended at 60.94/95 per dollar, compared with its close of 60.8150/8250 on Monday. In the offshore non-deliverable forwards, the one-month contract was at 61.23/33, while the three-month contract was at 61.81/91.
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