Rupee declines 11 paise, hits a fresh closing low

The rupee on Friday depreciated 11 paise to close at a new low of 88.26.

- Christina Titus

The rupee on Friday depreciated 11 paise to close at a new low of 88.26. Intra-day, the currency slumped to 88.36 against the dollar, before staging some recovery. So far in the current fiscal, the rupee has declined 3.3%.

"The rumour of the US imposing tariffs on the Indian IT sector was the main reason behind the rupee to fall on Friday. It went to a low of 88.36, but the RBI intervention led to some appreciation," said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors. When the news was denied, the currency made some gains, he said.