The index, which measures the unit against a basket of six major currencies, dropped last week to 88.438, its lowest since December 2014. "Exporters with business interest in Europe or the UK are booking short-term contracts as they not only seek gains from the volatility in the spot market but are also eyeing premiums in the futures markets. A single pound yields more than 90 rupees, while the euro gives about 80 rupees.The rupee closed at 63.53 to a dollar Thursday. "During the month, the rupee has been fairly stable, with no wild swings. The lacklustre domestic currency market has prompted traders to look at cross currencies that have suddenly turned active.

Source: Economic Times January 29, 2018 05:37 UTC