The rupee depreciated to a new intra-day low of 84.11 against the US dollar on Thursday, on the back of outflows from domestic equities and caution ahead of the results of the US presidential elections, said dealers.
Market participants said the Reserve Bank of India (RBI) intervened in the foreign exchange market through dollar sales, which prevented the rupee from falling further.
The local currency settled at 84.09 per dollar on Thursday, compared to 84.08 against the greenback on Wednesday.
"The rupee depreciated due to outflows, and foreign banks have been buying dollars," said a dealer at a state-owned bank. "The RBI is protecting the 84.09 per dollar level," he added.
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