The rupee reaches a new intraday low of 76.55

MUMBAI: The rupee On Thursday it hit a new record low of 76.55 in intraday trading, even as equity markets rebounded. He said weak trading had increased volatility as sentiment was largely negative.

In a risk-averse situation, the funds will gravitate toward US Treasuries and the dollar will continue to gain as long as uncertainty exists, an executive at a private bank said. The local unit opened at 78.11, but slipped sharply into the thin trade. However, it closed at 76.29, an increase of 5 countries over its previous close of 76.34.

He said that while there have been a few dollars through the investment path, it is unclear whether these can be sustained given that the Covid-19 crisis does not appear to have peaked. This has reduced trading hours as banks find it difficult to recruit staff in trading rooms and many operate remotely.

“The pace of depreciation in the rupee has weakened due to lower rate of outflows and increased RBI intervention.said , DVP, currency & interest rate derivatives, at Kotak Securities .