Rising $, oil price pull down Re to record low

New Delhi: The rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency.

Forex traders said the Indian rupee depreciated on Wednesday as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee. At the interbank foreign exchange market, the local unit opened at 83.08 against the US dollar and moved in a range of 83.02 to 83.18 in the day trade. The rupee finally settled at 83.14 (provisional) against the US dollar, down 10 paise from its previous close.

The India currency earlier hit the lowest level of 83.13 on August 21 this year. On Tuesday, the rupee plunged by 33 paise to close at 83.04 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.07 per cent to 104.73. Brent crude futures, the global oil benchmark, declined 0.67 per cent to $89.44 per barrel.