MUMBAI, Oct 19 – The Indian rupee breached the key 83 per dollar mark to fall to a record low on Wednesday, as spiking U.S. yields increased demand for the greenback, while local traders cited large corporate dollar outflows hitting the market.
The partially convertible rupee tumbled 0.8% to close at its lifetime low of 83.02 per dollar, with losses accelerating in the last one hour of trade.
The currency had floundered near 82.40 through most of the session, with traders earlier suspecting the Reserve Bank of India was holding it around that level. Once the rupee breached it, there was “panic dollar buying”, the dealers added.
