MUMBAI: The Indian rupee ended at a record closing low on Friday, weighed down by weakness in its Asian peers and dollar demand from foreign banks.
The rupee ended at 83.3675 against the US dollar, lower by 0.03% compared with its close at 83.3425 in the previous session.
The rupee hovered in a narrow range of 83.3450 to 83.38 during the day’s session and fell 0.1% this week.
The dollar index last quoted steady at 103.7 but appeared on course for its second consecutive weekly loss.
Foreign banks were seen bidding for US dollars on Friday, likely on behalf of custodial clients, a foreign exchange trader at a private bank said.
The local unit has become “sticky in the 5-10 paisa zone near 83.30” the trader added.
Asian currencies edged lower as well, with the Thai baht and Korean won leading losses, falling 0.6% and 0.5%, respectively.
US Treasury yields rose in Asia with the 10-year yield climbing to 4.47% and the 2-year ticking higher to 4.94%.
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