Rupee Dives to Fresh Lows vs US Dollar, Inches Closer to 83 Levels

Mumbai: The Rupee on Wednesday hit a record low against the US Dollar reversing gains from earlier in the session on more indications that high inflation will keep major central banks in rate-hike mode.

The domestic currency slipped to 82.90 per dollar, down from 82.36 in the previous session. The local currency is down about 10% against the US dollar this year. The dollar index today rose 0.33% to 112.368 on bets of aggressive rate hikes by the Fed.

At the interbank foreign exchange market, the local currency opened strong at 82.32 but later pared gains to settle at an all-time low of 83.01(provisional) against the American currency, down 61 paise over its previous close.

In the previous session on Tuesday, the rupee slipped 10 paise to end at 82.40 against the dollar.

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