Rupee hits new closing low, RBI intervention caps loss

THE RUPEE FELL to an all-time low on Thursday, pressured by a lingering depreciation bias and heightened demand for the US dollar in the non-deliverable forwards (NDF) market, while the intervention from the Reserve Bank of India helped prevent sharp losses.

- JASPREET KALRA

The rupee depreciated by 5 paise to settle at an all-time low of 84.88. The dollar index was little changed at 106.5, unfazed by the elevated odds of a December rate cut by the Federal Reserve, after data showed that US consumer prices rose in-line with expectations in November. US bonds yields gained on Thursday.