Rupee is expected to trade sideways in the near term, says BS poll

At record low, rupee better off than peers; RBI may provide support to prevent sharp depreciation, says BS poll

On a day when most Asian currencies were hammered after the US reported higher-than-expected inflation, which pushed investors towards safe-haven assets, the rupee performed better than most peers, even as it breached the 78-mark against the dollar to hit a new all-time low.

The rupee settled the day at 78.04 against the dollar, after hitting a low of 78.28 intraday. Its previous close was 77.84. The rupee depreciated 0.25 per cent against the dollar, while some other Asian currencies like the South Korean won, Indonesian rupiah, and Philippine peso declined 1.22 per cent, 0.9 per cent, and 0.6 per cent.