A day before Independence Day, the Indian Rupee (₹) on Monday declined below ₹83 to the US dollar, the lowest since October 2022.
The strengthening of the dollar against the Indian rupee is attributed to an increase in the US dollar index to 103 and the US bond yield to about 4.18%.
Increasing demand for crude oil also added pressure on the Indian currency.
The rupee traded in the morning at ₹83.06 against the previous closing price of ₹82.84 and later touched ₹83.11.
Last October, the Indian currency touched a low of ₹83.08.
The rupee later recovered to ₹82.95 possibly with the intervention of the public sector banks that sold dollars.
Indian Rupee declines below ₹83 against US dollar
