Rupee hits fresh closing low of Rs 83.28 due to rise in crude oil prices
The Indian rupee hit a fresh closing low of 83.28 against the US dollar on Monday due to the rise in crude oil prices, dealers said. The previous all-time closing low for the rupee was 83.27, on September 18. The Indian currency settled at 83.26 per cent on Friday.
Market participants speculated that the Reserve Bank of India (RBI) intervened in the foreign exchange market to protect the rupee from weakening further.
State-owned banks sold dollars on behalf of the central bank when the local currency touched 83.28 against the greenback, dealers said.
