After opening at a record low of 72.15 a dollar from its previous close of 71.73, it hovered in a range of 72.67 and 72.08 in the evening trade before ending at 72.45, down 72 paise at 5 pm local time. The Indian rupee, along with other emerging market currencies, sank to a fresh low on Monday due to global trade war fears, rising domestic fuel prices and growing trade deficit.
During late morning deals, it slid further to 72.46, thus losing 72 paise.
The RBI has sufficient foreign exchange reserve, the official said, adding the ministry is in touch with the central bank for timely market intervention.
"Apart from the dollar strength that's weighing on the EM currencies, concerns about financing a wider current-account deficit are also hurting the rupee", said Paresh Nayar, the Mumbai-based head of currency and money markets at FirstRand Ltd.
"The next strong technical resistance is at 72/50-72.75 (to the dollar) level".
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India's current account deficit (CAD) widened to $15.8 billion in April-June in value terms this year as against $15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released on Friday.
The movement in the value of rupee against dollar since July 15, 2018. India imports more than two-third of its crude requirement and any rise in global prices impacts not only pushes up dollar demand by importers but also raises inflation concerns back home.
Overseas, the US dollar edged higher against a basket of currencies in early Asian trade on strong US August jobs data and fears of an escalation in the China-US trade conflict.
Higher oil prices were a spoiler for both the Indian rupee and bonds.
"A sustained "weakening of the rupee would be credit negative for its rated Indian companies, particularly those that generate revenue in rupees but rely on the United States dollar debt to fund their operations and have significant dollar-based costs, including capital expenses", Moody's said".