The rupee on Wednesday hit its fresh life-time low of 83 against the US dollar as sustained selling by foreign investors in Indian capital market and strong greenback against key rival overseas weighed on the domestic currency.
Intraday, the Indian unit fell 61 paise to hit its all-time low of 83.01 against the American currency.
At the interbank foreign exchange market, the local currency opened strong at 82.32. It was last trading at 83 to the dollar.
In the previous session on Tuesday, the rupee slipped 10 paise to end at 82.40 against the dollar.
“Rupee witnessed fresh lows at 83.00 down from 82.35 previously, on back of panic selling in rupee amid rising dollar rates taking support at 112$ and spiking above 112.55$ the base forming higher of dollar index from 108 then 110 and now if 112$ is held can lay strong inclined in prices in days to come, sending the local rupee against dollar to lows of 83.00,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.31 per cent to 112.48.
Foreign Institutional Investors (FIIs) remained net sellers in the capital markets as they offloaded shares worth Rs 153.40 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude futures rose 0.82 per cent to USD 90.77 per barrel.
On the domestic equity market front, the 30-share BSE Sensex gained 146.59 points or 0.25 per cent to end at 59,107.19, while the broader NSE Nifty advanced 25.30 points or 0.14 per cent to 17,512.25.
