Indian Rupee Ends Past 82 Against U.S. Dollar For The First Time

The Indian rupee hit a record low of 82.24 against the U.S. dollar on Friday.

The currency fell as much as 30 paise or 0.37% to 82.19 at the open. During the day, the local currency further weakened 0.65% or 53.3 paise to 82.42, a record low. The previous record was 81.95.

It ended Friday at 82.33, its worst-ever close.

"As the dollar index rises above 112, oil prices near $95 to a barrel for Brent, the rupee has opened below 82 as RBI again leaves a level it had been protecting for last 15 days," according to Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

"The rupee was sold yesterday as demand for dollar from defence, oil companies and an European Central Bank repayment of a big size took dollar closer to 82 in the closing time. Later in non-deliverable forward market, the rupee fell to 82.35 as the demand percolated to offshore market."

"The dollar touched an all time high against the rupee yesterday, possibly lead by short covering in the offshore. Generally when prices cross big figures then can trigger short covering from option players. Bias continues to be upward, but we expect heavy intervention from RBI. A possible range of 81.80 and 82.40 can be seen," said Anindya Banerjee, vice president for currency derivatives and interest rate derivatives at Kotak Securities.