Rupee slips to fresh low against dollar for fourth straight trading session

The rupee hit a new all-time low against the dollar for the fourth straight trading session as the currency ended at 77.73/$, amid continued risk aversion among investors over the prospects of the US Fed tightening interest rate policy. Intervention from the Reserve Bank of India (RBI) helped the currency to cap its losses.

The rupee opened weaker at 77.70/$ as compared to Wednesday’s close of 77.58/$ and traded in a narrow range amid intervention from the central bank. After touching the day’s low of 77.74/$, the currency closed the day at 77.73/$, weakening by 15 paisa than its previous close.

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