Rupee closes at all-time low of 77.74 against USD amid elevated oil prices

The yield on the three-year government bond declined 9 bps, while the five-year bond yield dropped 7 bps

The rupee settled at 77.74 on Wednesday — marginally weaker than its previous close of 77.71 — to hit a fresh all-time closing low against the US dollar. The domestic currency traded in a narrow range amid sustained foreign capital outflows and elevated global crude oil prices.

The previous record closing low was on May 19, when it ended at 77.73 against the greenback, though it had tested 77.80 levels during intraday trade on May 17.

“USD-INR could continue to see low volatility. A range of 77.40 to 78.00 remains in play over the near term,” said Anindya Banerjee, vice-president, currency derivatives