Rupee hits all-time closing low of 83.27 to dollar amid rise in oil prices
The rupee hit a fresh closing low of Rs 83.27 against the dollar on Monday due to a rise in US Treasury yields and high crude oil prices, dealers said.
The previous all-time closing low was 83.21, which was on September 7.
The Reserve Bank of India (RBI) appears to have acknowledged the stress on the rupee and has permitted its gradual, albeit consistent, depreciation against the dollar, dealers said.
“The rupee depreciated because of the rise in crude oil prices and increasing US yields,” said Anindya Banerjee, vice-president, currency derivatives & interest rate derivatives, Kotak Securities.
