Rupee tumble due to bunched up demand

The rupee has seen sharp weakness in the past 2 trading sessions. Moses Harding, executive vice president of IndusInd bank explains that bunched up demand from oil PSUs was one reason for the sudden fall in the Rupee. At the same time, dollar supplies have remained on the sidelines in anticipation of further weakness on the Rupee. Mr. Harding expects the rupee to weaken to 54.30/$ unless supported by Dollar supplies through state owned banks on behalf of the central bank.