Rupee ends beyond 81 against dollar for the first time; lags EM peers

RBI may have sold around $1 bn, but experts see pace of intervention declining

The rupee witnessed a sharp 64-paise decline against the US dollar on Monday to hit a fresh low, as unabated strengthening of the greenback wreaked havoc on the financial markets across the globe.  
 

The local currency ended at 81.63 versus the dollar against the previous close at 80.99. It's for the first time that the rupee has settled the day's trade beyond the 81 mark. Intraday, it hit a low of 81.66 per dollar. 
 

So far in 2022, the rupee has depreciated 8.9 per cent versus the US dollar. 
 

Analysts expect the RBI may have sold $1 billion to calm