TIWN
New Delhi, Oct 7 (TIWN) Indian rupee on Friday fell sharply to its all-time low of 82.33 against the dollar owing to a rise in US bond yields and firming up of crude oil prices.
At 9.30 am, the home currency was trading at 82.30 a dollar, down 0.5% from its previous close of 81.89. The currency opened at 82.19 and touched an all-time low of 82.33. On Thursday, the Indian currency for the first time closed below the 82 level against the greenback. It plunged 55 paise to close at a record low of 82.17 against the US currency. "An uptick in crude prices has caused concerns around the trade deficit to resurface. US rates staying higher for longer is not helping the capital account," IFA Global Research Academy said in a note. Moreover, the Reserve Bank of India (RBI) seems to have become conservative in spending reserves, it said, adding that these factors are causing the rupee to adjust. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.14 per cent down at 112.10. A Reuters poll has said the rupee will trade near its record low against the mighty greenback beyond this year, buffeted by rising oil prices and an aggressive U.S. Federal Reserve rate-hiking campaign.
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