Rupee breaches 82 level vs dollar as Fed officials back rate hike view

RBI nudges banks to ease up on offshore FX positions

The rupee hit a new low on Friday, crossing the 82-a-dollar mark for the first time amid the US Federal Reserve’s unrelenting commitment to raise interest rates. The Reserve Bank of India (RBI) is said to have been nudging some banks to slow down on market positions in the offshore segment which have aggravated the fall in the local currency in the last two days, multiple sources said.

The rupee weakened 0.5 per cent to close the day at 82.33 a dollar. The domestic currency, which has depreciated 9.7 per cent versus the US dollar so far in 2022, took a