Rupee Hits Record Low Against Dollar

The Indian rupee hit a record low at 84.446 after opening flat against the US dollar on Thursday.

The local currency opened little changed at Rs 84.41, according to Bloomberg data, as Reserve Bank of India continued intervention. It had closed at Rs 84.41 on Tuesday.

The Indian markets on Tuesday saw a sharp reversal, surrendering over 1% intraday gains by the close, as tensions between Ukraine and Russia escalated, said Amit Pabari, managing director at CR Forex Advisors.

Meanwhile, the USDINR pair held steady around the 84.40 mark, reflecting relative stability, he said.

"For now, global markets remain in a watchful stance, with any further developments poised to drive significant movements across major asset classes," he said. Meanwhile, the dollar index faces resistance near the 107 mark, with support around 105.50, he added.

The dollar index, which tracks the performance of the greenback against a basket of 10 leading global currencies, was trading 0.10% lower at 106.57 as of 09:04 a.m.

In its latest bulletin, the RBI revealed it was a net buyer of foreign currency in the first half of 2025, accumulating nearly $8.5 billion, said Pabari.

"This move underscores the central bank’s efforts to bolster forex reserves while mitigating significant volatility in the domestic currency," he said.

"With reserves now nearly $675 billion, the USDINR pair is anticipated to trade within a defined range in the medium term, with support at 83.80 and resistance around 84.50. The overall bias, however, tilts toward the downside," he added.

International benchmark brent oil was priced 0.32% up at $73.04 per barrel, as US crude stocks increased by 5,45,000 barrels, keeping oil prices within a narrow range. West Texas Intermediate settled 0.15% up at $68.97 a barrel.