Rupee vs US Dollar: INR falls to record closing low versus USD

Crude oil benchmarks eased on Thursday. At the last count Brent crude futures were trading 0.3 percent lower at $90.33 per barrel. WTI futures, too, were trading 0.37 percent lower at $87.22 per barrel.

"The rupee has depreciated for the third consecutive session, reaching a new 10-month low at 83.18 against the US Dollar. Several factors have contributed to this decline, including a six-month high in the dollar index at 104.85, a weaker Chinese Yuan at 7.3250, a weaker Japanese Yen at 147.50, higher US benchmark yields at 4.30 percent, and brent oil prices hitting a fresh high for 2023. These combined factors have exerted downward pressure on the Indian rupee," said Amit Pabari of CR Forex.

"Overall, we expect that the USDINR pair should top out near 83.20-25 levels again as domestic fundamentals are still better off and RBI can start rescue operations to make the ‘U-turn’. Broadly, we believe that the fair value of the Rupee is near 82.00 to 82.20 and it could start moving towards the same very soon," he added.