The Indian rupee closed at a historic low of 83.37 against the US dollar, down 3 paise, due to weakened Asian currencies and increased demand from foreign banks. The dollar index also saw a 0.15% decline.
Despite some support expected from $1.5 billion equity inflows related to the MSCI index rebalancing, the rupee is likely to remain rangebound, according to analysts.
Meanwhile, rising crude oil prices and anticipation of US inflation data impact the currency. The week saw a 0.1% fall in the rupee, with a lifetime low of 83.42 against the dollar recorded on November 10.