Rupee Closes Flat At 82.32 A Dollar After Hitting A New Record Low Of 82.70

The rupee closed almost flat at 83.32 per dollar on Monday, helped by the Reserve Bank of India's intervention.

Rupee Closes Flat At 82.32 A Dollar After Hitting A New Record Low Of 82.70

Rupee Today:

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

Bloomberg showed the rupee closed at 82.32 against the dollar, after opening at a new record low of 82.67 and hitting a fresh all-time low of 82.70 on Monday, compared to its previous close of 82.33.

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

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

"The Indian rupee pared opening 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, the directional trend remains bearish for the rupee amid tighter liquidity conditions and risk-averse sentiments, Mr Parmar said, adding, "Spot USD-INR is having near-term resistance at 82.90 and support at 81.95."

A Reuters report showed the RBI likely sold dollars via state-run banks on Monday after the rupee plumbed a fresh record low following a US jobs report that firmed bets of more aggressive rate hikes.

The rupee went from less than 82.60 to above 82.40 in the space of less than ten minutes.

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

"The RBI activity, in our opinion, is not more aggressive than in recent days," a spot dealer at a private sector bank told Reuters. "But the rupee has reacted much more than it does, which we think is basically a function of the levels 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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