Rupee slips to fresh all-time low in 3rd straight session, closes 77.58/$

Dealers said major gains for the dollar were capped as the Reserve Bank of India is believed to have protected the 77.50 levels

The rupee hit a fresh all-time low closing against the dollar on Wednesday as it ended the day at 77.58/$ — down marginally from Tuesday’s close of 77.56/$ — which was the previous all-time low. After a flat opening, the rupee traded in a narrow range and fell to 77.61/$ to hit the day’s low.

“The USD-INR pair settled slightly higher, tracking firmness in the dollar index, on expectations of a more aggressive policy tightening by the Federal Reserve. The strong dollar and elevated crude prices also supported dollar demand today,” IFA Global said in a note.  

Dealers said major gains for