The rupee on Wednesday fell by 10 paise to close at an all-time low of 83.14 against the United States dollar, PTI reported.
The rupee opened at 83.08 and moved in a range of 83.02 to 83.18 in the intraday trade before settling at its all-time low. The currency had hit its lowest level of 83.13 on August 21.
Market analysts attributed the decline in the rupee to the rising US dollar and elevated crude oil prices.
“Brent crude breached the $90/barrel mark, ” Anuj Choudhary, a Research Analyst at Sharekhan by BNP Paribas, said, according to PTI. “US dollar gained on safe-haven demand amid concerns over global economic slowdown after China’s Caixin Services PMI [an index of services activity in China] fell to an 8-month low at 51.8 in August vs forecast of 53.6.”
He added that the Indian rupee is expected to trade with a negative sentiment on risk aversion in global markets and a strong US dollar.
Meanwhile, equity markets on Wednesday closed marginally higher than the previous day.
The 30-share BSE Sensex jumped 100.26 points, or 0.15% higher, at 65,880, while the broader 50-share NSE Nifty rose by 36.15 points, or 0.18%, to end at 19,611.