Rupee closes at new low of 83.21 on rising oil prices
economictimes.indiatimes.comrupee closed at a record low Thursday as rising crude oil prices sparked concerns about India's inflation and current account deficit, while higher US bond yields kept the dollar firm, weakening global appetite for emerging market currencies.
The domestic currency settled at 83.21 per US dollar, an all-time closing low. The previous record closing low was 83.15/$1 on August 17.
The rupee, which had closed at 83.14/$1 on Wednesday, has weakened 0.6% versus the US dollar so far in 2023.
The local currency's lifetime intra-day low is 83.29/$1.
«Oil companies have been buying dollars and in-flows have tapered to quite an extent. Therefore, the weakness in the rupee.
The market waits for the Reserve Bank of India to indicate where they want to take the rupee. The rupee should be in a range of 83.00 to 83.40 per dollar in coming days,» Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors said.
