Rupee slumps to fresh record low of 82.64 vs US dollar

With the US Federal Reserve seen sticking to 75 basis point rate hike after a stronger-than-expected US jobs data report, the rupee on Monday slid to another record low of 82.64 against the US dollar.

Efforts by the Reserve Bank of India (RBI) to control the rupee's downfall have yielded little results amid the flight to safety of the US dollar.

The rupee has weakened over 11% so far this year, with the central bank defending the rupee via dollar sales that have depleted its forex reserves to the lowest level in over two years.


Friday's data showed that US job growth slowed moderately in September while the unemployment rate dropped to 3.5%, pointing to a tight labour market.

Having touched a one-week high on Friday, the dollar index was steady.

Yields on 10-year US Treasury notes inched towards 3.90%. The benchmark Brent crude contract inched closer to $100 per barrel after jumping more than 11% last week — its biggest such move in six months.