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The rupee has fallen over 10% this year and reached an all-time low of 82.33 per dollar on Friday, news agency PTI reported, even though the Reserve Bank of India continues to sell its forex reserves to defend the local currency.
India's forex reserves slumped to the lowest in over two years, marking the third straight week of decline as the RBI intervened to keep the rupee from weakening past 80 per dollar.
India's forex reserves fell by $7.5 billion as the Reserve Bank of India is using its war chest to limit the sharp decline and 'jerky movements' in the rupee.
The rupee is in for a rough ride ahead, with the next key psychological level of 80 per dollar almost a done deal after a blowout US inflation print, which will boost the already-rampant dollar further.
The rupee declined by 9 paise to settle at a new record low of 79.90 against the US currency on Thursday due to a firm US dollar in overseas markets and capital outflows.