Indian rupee hits all-time low, analysts say it'll fall furthermore

New Delhi: The Indian rupee has fallen for the second consecutive day. The rupee has reached an all-time low against the dollar. On Friday (September 23), the rupee fell by 41 paise to an all-time low of Rs 81.20 against the dollar. The rupee's fall was driven by US Treasury yields hitting multi-year highs and high dollar demand from importers. The rupee on Thursday recorded its biggest single-session percentage fall since February. The rupee had lost 99 paise against the dollar on Thursday.  

At the same time, the US dollar index remains above the range of 111. With this, US bond yields have jumped 4.1 per cent. Traders say that the rupee is seeing a decline due to the lack of aggressive intervention by the Reserve Bank of India (RBI) and the rate outlook of the US Federal Reserve. The US Treasury yield for a period of 10 years has jumped by 3.70 per cent and the two-year Treasury yield has jumped 4.16 per cent.

On Thursday, the rupee had closed at a record low of 80.86 against the US dollar. At the same time, the rupee was at 79.97 on Wednesday. The dollar index remained almost flat at 111.35 on Friday, it was around its two-decade high of 111.81. The dollar index reached this level on Thursday. The rupee was among the biggest losers in Asian currencies on Thursday. Analysts say the rupee may decline further.   

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