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Indian rupee falls to new low against US dollar, market watches for RBI’s intervention

By Priyanka Verma 
Updated Date

New Delhi: The Indian rupee hit a new all-time low of 77.69 against the dollar in early Tuesday, with traders watching the domestic stock market for clues to fund inflows, even as the US currency fought for a notch as investors raised interest.

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The rupee fell 14 paise to 77.69 against the US dollar in early trade on Tuesday from the previous record low of 77.50 on Thursday, after hitting a fresh intra-day weak level of 77.63 against the American currency.

In the previous session, the rupee had settled at an all-time low of 77.55 against the American currency.

On Friday, the currency recovered to end at 77.31 as the RBI intervened in the open market to stem losses. The foreign exchange (forex) market in India was shut on Monday because of the Buddha Purnima holiday. The currency had previously breached 77 against the dollar earlier in March for the first time ever.

The greenback has edged from a two-decade high this week and was a touch softer across the board in early Asia trade, while US bond yields, an important boost to the dollar, have pulled back slightly as traders reckon aggressive near-term hikes will drag on longer-run economic growth.

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Indian equity benchmarks were trading higher with all eyes on the listing of state-run Life Insurance Corp, the country’s biggest IPO, set for later in the session.

Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.

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