The rupee depreciated to a new intraday low of 84.52 per dollar on Thursday, driven by month-end dollar demand and foreign portfolio investors (FPIs) selling domestic equities, according to dealers.
The Reserve Bank of India (RBI) intervened in the foreign exchange (forex) market by selling dollars during the closing hours, which helped the domestic currency recoup some losses.
The local currency settled at 84.49 per dollar on Thursday, compared to 84.45 per dollar on Wednesday.
"There was month-end dollar demand, and foreign banks were also buying dollars throughout the day," said a dealer at a state-owned bank. "The RBI stepped in towards the end and could have sold around $600 million," he added.
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