Rupee logs new low amid trading glitch – Times of India

by The Technical Blogs


MUMBAI: The rupee closed at a record low of Rs 83.34 against the dollar, down five paise from Thursday’s close of 83.29 as RBI allowed the rupee to breach 83.30 – a level it has defended for several weeks through dollar sales.
The day was also marked by an outage in one of the foreign exchange trading platforms that prevented disrupted orders. Dealers said that the fall in the rupee triggered several stop loss sales that were not going through.
Dealers said that the outage lasted for a few minutes and RBI has called for a root cause analysis from LSEG, the financial technology and data provider.It was not clear whether the volatility in the market was the trigger or the cause of the outage. “There is no reason for weakness in the rupee going forward,” said K N Dey a consultant who advises corporates on foreign exchange.


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