The Rupee closed at a record low of 83.02 against the US dollar on Wednesday, thereby recording a fall of 66 paise or 0.8 per cent against its previous close of 82.36.
The Dollar strengthened against the Rupee as the US Treasury yields surged to make a broad rally in the Greenback, thereby the Rupee recording a new low of 83.02 for the first time.
“Once the Reserve Bank of India moved away from the 82.40 level, which it was protecting, there was panic dollar buying. Unless RBI intervenes again, no level is sacrosanct,” said a trader at a private Bank.
The Government bond yields closed higher, reversing intraday moves, as US yields rose and a stronger Dollar pushed the Rupee to a record low.
The benchmark Indian 10-year Government bond yield closed at 7.4510 per cent. The yield had fallen to 7.3886 per cent earlier in the day, ending at 7.4261 per cent on Tuesday.
