Rupee Crosses 83 Per Dollar For The First Time, All-Time Low
The rupee reversed gains from earlier in the session on more indications that high inflation will keep major central banks in rate-hike mode.
The rupee closed at a new record low of
against the dollar on Wednesday,
Reversing gains from earlier in the session on more indications that high inflation will keep major central banks in rate-hike mode, hurting the recent risk-assets rally.
The rupee closed at the lifetime low against the dollar after opening at
, compared to its previous close of
The domestic currency fell to a new intra-day record low level of 83.02 against the greenback in a volatile trading session on Wednesday.
With possibly the Reserve Bank of India buying dollars in currency futures yesterday indicating of things to come, it was only time when
would have been breached.
So no level seems to be sacrosanct for the rupee, and therefore 83.50 should be the next target once 83.00 is breached," said Anil Kumar Bhansali
The rupee had attempted to strengthen to the 82-mark at one point on Tuesday before ending the day at 82.36.
In contrast, two others claimed it was probably because the RBI purchased USD/INR contracts before their expiration on Friday.