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The Rupee closed at an all-time low of 83.22 per Dollar on Thursday, weighed down by a strong greenback, elevated crude oil prices, and weakness in other Asian currencies, especially the Chinese Yuan.
The rupee ended eight paise weaker on Thursday over the previous close of 83.14 per Dollar. Intraday, the Rupee hit a high and low of 83.15 and 83.25, respectively,
Market players say the central bank may have intervened in the market via dollar sales to limit further depreciation of the Rupee.
Anindya Banerjee, Vice President, Kotak Securities, said weakness in equity markets, a rising US Dollar index, and a slump in Chinese external trade are all weighing on sentiment.
Over the near term, the Rupee could cross the current all-time intraday low of 83.29 and head lower towards 83.60/80 levels, he added.
Therefore, the broad range for the Rupee could be between 82.80 and 83.60 over the near term.
Firm US treasury yields could lead to Dollar demand from foreign portfolio investors who have invested in India, said dealers. This, in turn, could weigh on the Indian unit.
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