Home Business 82.70. Rupee closes flat at $82.32 after hitting new record low...

82.70. Rupee closes flat at $82.32 after hitting new record low of Rs.

Rupee today:

The rupee on Monday closed almost flat at 83.32 per dollar, helped by an intervention by the Reserve Bank of India, as the currency opened to a new record low for the second straight session and hit an all-time low of 82.6950 against the greenback in early trade . ,

The rupee closed at 82.32 against the dollar after Bloomberg opened a new record low of 82.67 and hit a new record low of 82.70 on Monday as compared to its previous close of 82.33.

But PTI reported that the domestic currency fell 4 paise to close at an all-time low of 82.34 against the greenback.

Forex traders said the rupee recovered some of its initial losses on speculation of central bank intervention.

“The Indian rupee eased early losses on possible central bank intervention and corporate inflows. Lower crude oil prices also supported the rupee in today’s session,” Dilip Parmar, Research Analyst, HDFC Securities told PTI.

However, amidst tight liquidity conditions and risk-averse sentiments, the directional trend for the rupee remains bearish, Mr Parmar said, adding, “The spot is providing near-term resistance at USD-INR 82.90 and support at 81.95.”

A Reuters report showed the RBI selling dollars through state-run banks on Monday after the rupee hit a new record low following a US jobs report that confirmed more aggressive rate hikes.

In less than ten minutes the rupee went from a low of 82.60 to a high of 82.40.

Reuters received confirmation from two banks and a Mumbai-based brokerage firm that the RBI had intervened.

“In our view, the RBI’s activity has not been any more aggressive than in the recent past,” a spot dealer at a private sector bank told Reuters. “But the rupee has reacted much more than that, which we think is basically a function of the level we are at.”

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.23 per cent to 113.05.

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