The partially convertible rupee fell 0.8% to 83.02 per dollar, a lifetime low, with losses accelerating in the last hour of trading.
Digital Desk: The Indian rupee dropped to a record low of 83 per dollar on Wednesday, as rising US yields boosted demand for the greenback, while local traders cited large corporate dollar outflows as a factor weighing on the market.
The partially convertible rupee fell 0.8% to 83.02 per dollar, a lifetime low, with losses accelerating in the last hour of trading.
The currency had been trading near 82.40 for most of the session, with traders suspecting the Reserve Bank of India was keeping it there. When the rupee breached it, there was "panic dollar buying," according to the dealers.
Later, multiple Mumbai-based private bank traders said large dollar demand from two public sector companies had contributed to the rupee's drop to a record low.
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