INR hits new record low of 83.02 against USD

New Delhi: The Indian rupee hit a new low of 83.02 against the US dollar in anticipation of more rate hikes by major central banks across the globe to curb rising inflation on Wednesday.

The INR fell to a record low of 83.02 after the US dollar strengthened against all major currencies globally. The dollar’s ascent has been triggered by inflation in the United Kingdom hitting a 40-year high-level last month, owing to rising food prices.

There are suppositions that the Bank of England may hike interest rates sooner than expected to curb price rises.

“RBI has supported 82.40 levels for the last few sessions, protecting the rupee. It looks like the RBI has moved away from the market. The pair has experienced a panic buying. 83-83.20 is a psychological resistance for the pair,” said Jigar Trivedi, Senior Research Analyst- Commodity & Currency at Reliance Securities.