The spike in US bond yields added to the rupee’s woes as the policy-sensitive two-year Treasury yield was near its highest since 2007, while the ten-year US note yield was at 4.15 per cent
The Indian rupee hit a fresh intraday record low on Thursday at 83.22 against the US dollar. The US dollar index surged above the 113-mark which weakened the rupee.
The currency closed at a fresh record low on Wednesday at 83.02 against the US dollar.
The rupee opened at 82.96 and has traded in the range of 82.96 – 83.22 since then.
As of 12:24 pm IST, the rupee was trading at 83.19 against the US dollar.
The rupee has depreciated over 11 per cent so far in the calendar year 2022.
The spike in US bond yields added to the rupee’s woes as the policy-sensitive two-year Treasury yield was near its highest since 2007, while the ten-year US note yield was at 4.15 per cent.
Large corporate dollar and custodial outflows had prompted a selloff in the currency toward the last one-and-a-half hour of trade on Wednesday, traders said.
Traders now see the rupee breaching the 84 level very soon.