The rupee is at a fresh low of 84.41 against the US dollar

MUMBAI: The Indian rupee touched an all-time low of 84.4150 per US dollar on Tuesday amid weakness in regional currencies, even as foreign funds showed no signs of halting the now apparently relentless selling of local risk assets.

The rupee closed at 84.3925 per dollar, unchanged from Monday’s close.

A sharp decline was averted by possible central bank intervention, traders said, as the dollar strengthened against all other currencies since the start of this month, particularly after Donald Trump won the US election, fueling global concerns about a tougher tariff structure. would boost inflation in the world’s largest economy and prevent further rate cuts by the Federal Reserve.

The rupee traded in a narrow band of 84.39 to 84.41 during the day as RBI tried to reduce volatility as much as possible. The Indian rupee weakened 0.4% in November, the Chinese yuan fell 1.2% and the Thai baht fell 1.6%.

Currency risk management consultant KN Dey said the rupee may continue to remain nervous due to tensions in the Middle East. The rupee may trade in a range of 84.38 to 84.41 per dollar during the week, he added.

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