![\"Rupee](\"https:\/\/c.ndtvimg.com\/2020-03\/fij53es4_rupee-notes_650x400_13_March_20.jpg\"\/ "\\"Rupee")
<\/div>\nA Reuters poll has said the rupee will trade near its record low beyond this year.<\/p>\n<\/div>\n
New Delhi: <\/b><\/p>\n
The\u00a0rupee\u00a0plunged by 16\u00a0paise to close at an all-time low of 82.33\u00a0against the US currency in early trade on Thursday due to\u00a0a surge in US\u00a0bond yields,\u00a0risk-averse sentiment among investors, and firm crude oil prices.\u00a0<\/p>\n
At 9.30 am, the home currency was trading at 82.30 a dollar, down 0.5% from its previous close of 81.89. The currency opened at 82.19 and touched an all-time low of 82.33.<\/p>\n
On Thursday, the\u00a0Indian currency for the first time closed below the 82 level\u00a0against\u00a0the greenback. It plunged 55\u00a0paise\u00a0to\u00a0close at a record\u00a0low\u00a0of\u00a082.17\u00a0against\u00a0the\u00a0US\u00a0currency.<\/p>\n
“An uptick\u00a0in\u00a0crude prices has caused concerns around the\u00a0trade\u00a0deficit\u00a0to\u00a0resurface.\u00a0US\u00a0rates staying higher for longer is not helping the capital account,” IFA Global Research Academy said\u00a0in\u00a0a note.<\/p>\n
Moreover, the Reserve Bank\u00a0of\u00a0India (RBI) seems\u00a0to\u00a0have become conservative\u00a0in\u00a0spending reserves, it said, adding that these factors are causing the\u00a0rupee\u00a0to\u00a0adjust.<\/p>\n
The\u00a0dollar\u00a0index, which gauges the greenback’s strength\u00a0against\u00a0a basket\u00a0of\u00a0six currencies, was trading 0.14 per cent down at 112.10.<\/p>\n
A Reuters poll has said the rupee will trade near its record low against the mighty greenback beyond this year, buffeted by rising oil prices and an aggressive U.S. Federal Reserve rate-hiking campaign.<\/p>\n
The\u00a0rupee\u00a0has fallen over 10% this year and reached an all-time low of 82.33 per dollar\u00a0on\u00a0Friday, news agency PTI reported, even though the Reserve Bank of\u00a0India\u00a0continues to sell its\u00a0forex reserves to defend the local currency.<\/p>\n
While it found brief respite after the RBI delivered its fourth consecutive interest rate hike last week, a widening trade deficit driven by rising oil prices and a slowdown in exports have dragged the\u00a0rupee\u00a0down.<\/p>\n
On Wednesday, a cartel of oil producers led by Saudi Arabia agreed to drastic production cuts, sending Brent Crude futures to a three-week high of $93.99 per barrel.<\/p>\n
That rise in crude prices will add to the country’s inflation trouble and the widening current account deficit (CAD) as India imports over 80 per cent of its oil needs.\u00a0<\/p>\n
The greenback, which has been rising this year in what seems to be an irreversible trend, fell on Thursday, encouraging some risk-taking and helping the commodities complex, where oil was trading around its highest level in three weeks.<\/p>\n<\/div>\n