MUMBAI – The Indian rupee fell to its lowest level on record against the U.S. dollar on Friday, weighed down by broad weakness in its Asian peers and aggressive local dollar demand, traders said.
The rupee fell to an intra-day low of 83.43, before ending marginally higher at 83.4250, but still down 0.3% for the day.
Strong dollar bids close to the end of the session pushed the rupee to a record low alongside the “surprising absence” of the Reserve Bank of India’s intervention (RBI), a foreign exchange trader at a private bank said.
The RBI had likely sold dollars close to the 83.38-83.39 levels earlier in the session to ease the pressure on the rupee, traders said.
