The rupee recovered after breaching the key 80 per dollar mark for the first time ever on Tuesday and stalled seven straight sessions of losses.
WEB DESK
The rupee recovered after breaching the key 80 per dollar mark for the first time ever on Tuesday and hit seven straight intra-day record lows for the seventh straight session.
Bloomberg reported the rupee was last at 79.9487, after trading in the range of a high of 79.8675 and a low of 80.0600 against the greenback during the session on Tuesday.
That marks the first time the rupee has crossed the 80 a dollar mark, a new all-time low.
Rupee gained 2 paise to close provisionally at 79.96 against the US dollar from the previous close of 79.98.
Reuters reported that the Reserve Bank of India intervened in the currency market to help the rupee steady slightly after it weakened to 80.05 per dollar, notching a record low for a seventh session.
“The rupee is going to weaken further; that is a given. But how soon and how much will depend on the RBI,” a senior trader at a private bank told Reuters.
A recovery in domestic shares also favoured the Indian currency