Home currency declines 9 paise to 83.33/USD
Mumbai: The rupee depreciated nine paise to close at an all-time low of 83.33 (provisional) against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows.
Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to forex traders.
At the interbank foreign exchange, the rupee opened at 83.26 against the dollar. During the trading session, it touched an intra-day low of 83.35 and a high of 83.26 against the American currency. The local unit finally settled at its lifetime low of 83.33 (provisional), lower by 9 paise against its previous close. On Tuesday, the rupee settled at 83.24 against the American currency. Analysts expect the rupee to trade with a slight negative bias on the strong Dollar amid geopolitical uncertainty in the Middle East.
