The Indian rupee closed at a record low against the U.S. dollar on Wednesday.
The local currency fell 0.37% to 81.87 at open. During the day, the rupee depreciated as much as 0.46% to its intraday low of 81.95—a fresh record low. It ended Wednesday's trade at 81.94, its worst close ever.
The dollar strengthened after a White House official ruled out a currency agreement to weaken the greenback, according to a Bloomberg report. A strong dollar has put developed and emerging market currencies under pressure in the last two months.
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"The 82 figure would be a key level to watch for as the break of the same could open floodgates pushing the rupee to unchartered territory," said Ritesh Bhansali, vice president at Mecklai Financial Services. "The RBI's participation to protect the levels of 82 would be keenly watched."
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