The Indian rupee ended at a fresh record low against the U.S. dollar on Wednesday.
The local currency had opened marginally higher at 82.33 against the greenback, compared to Tuesday's close of 82.36. During the day, it gained as much as 0.05% but pared all gains to fall as much as 0.78%, hitting a new low of 83. At close, the rupee traded at 82.98, down 0.76%.
The rupee's previous record low was 82.72, which it hit on Oct. 10.
Analysts told BQ Prime that there is unsubstantiated news of stop loss getting triggered for some foreign banks along with dollar buying by nationalised banks on behalf of oil PSUs.
"There is a strong possibility of the central bank intervening at 83-odd levels," said Ritesh Bhansali, vice president at Mecklai Financial Services Ltd.
"RBI had possibly intervened in currency futures yesterday (Tuesday), which was indicative of things to come. Stop losses at 82.4 to 82.5 was hit on shorts. There was also good buying from oil and importers," said Anil Bhansali, head of treasury at Finrex Treasury Advisors Ltd. "82.4 should be a support with higher levels of 83.5 soon expected."
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