The Indian rupee, on Monday, declined below 83 to the U.S. dollar for the first time since October 2022, as the jump in U.S. yields pressured Asian currencies.
The rupee was at 83.0500 to the dollar by 09:06 a.m. IST, down from 82.8450 on Friday.
“Clearly, it’s all about the RBI (Reserve Bank of India),” a dealer at a bank said.
“If the RBI does not push it (USD/INR) below 83, you will see a decent-sized move higher.”