The Indian rupee hit an all-time low of 83.34 against the US dollar, depreciating by 6 paise. This drop is attributed to the rebound in US Treasury yields, impacting Asian currencies.
The dollar index, measuring the greenback's strength, held near 106, and the 10-year US Treasury yield stood at 4.64%. The rupee touched a lifetime low of 83.42 during the session.
Factors such as foreign capital outflows, increased crude oil prices, and concerns about interest rate hikes influenced the rupee's decline. Analysts suggest that if the rupee remains around 83.40 levels, it may settle into a weaker range.