New Delhi: The rupee settled at a new closing low of Rs. 83.66 against the dollar owing to the buoyant greenback and overnight rise in crude oil prices, said dealers.
“The rupee traded weak by 8 paise to Rs 83.66, driven by volatility triggers and global market uncertainties. Despite the overall positive trend in the Indian markets, the rupee faced weakness due to US-China trade jitters, which may rise again with the potential re-election of Trump. However, Reserve Bank of India’s (RBI’s) norms and interventions have kept the rupee stable. Expenditure and income numbers in the Union Budget are expected to introduce further volatility to the rupee,” said Jateen Trivedi, vice-president, research analyst – commodity and currency, LKP Securities, reported Business Standard.
The previous record low was of Rs. 83.65 on June 20, reported Business Standard. On the same day in June, the rupee had also hit an intraday record low of Rs. 83.67.
In the current financial year, the rupee has depreciated 0.3 per cent and it has also witnessed 0.5 per cent depreciation during this calendar year, reported Business Standard.
The local unit has further depreciated by 0.3 per cent so far, during the current month.
According to market participants, the RBI had intervened in the foreign exchange market via dollar sales, which prevented the rupee from further depreciation.
