Rupee Crosses 83 Per Dollar For The First Time, All-Time Low

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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 83.02 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 82.3062, compared to its previous close of 82.36.

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 82.40 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.