The rupee plummeted to an intra-day low of 83.43 before closing little higher at 83.4250, still down 0.3% for the day.
Strong dollar bids near the conclusion of the session pushed the rupee to a record low, accompanied by a “surprising absence” of RBI intervention, according to a foreign exchange dealer at a private bank.
The RBI likely sold dollars in the 83.38-83.39 levels early in the session to relieve pressure on the rupee, according to traders.
On Friday, the Indian rupee plummeted to a record low versus the US dollar and the UAE dirham due to strong local dollar demand.
The rupee dropped to an intra-day low of 22.732 against the UAE dirham, before closing marginally stronger.The mighty US dollar concluded the session at a record low, accompanied by the surprising absence of the Reserve Bank of India’s intervention (RBI), which had likely sold USD near the 83.38-83.39 levels earlier in the session to relieve pressure on the Indian rupee.
