Rupee Declines To Record Low Amid Weakness Prevailing In Asian Peers

The Indian rupee declined to a record low against the U.S. dollar on Friday on the back of weakness in Asian peers, prompted by the rise in U.S. yields, according to a Reuters report.

The rupee dropped to a lifetime low of 83.3050 to the dollar, down from 83.2800 in the previous session. The previous lifetime low was 83.2950. "We will have to see how much follow-through is there," a trader at a bank said. "Today is Friday, which makes the price action from here all the more important," reported Reuters.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP said, "USD INR hit a fresh life time high of 83.32 as dollar shortage and constant Importer buying for various purposes propped the currency pair to 83.32 as RBI support seemed to have taken away. We could see the pair reaching 83.50 soon as buying continues and cash dollar crunch hits the market."

Earlier On Thursday, the rupee closed at 83.29 against the American currency.