MUMBAI:  The Indian rupee fell to a report low within the final minute of commerce on Wednesday, on the again of heavy demand for the dollar and elevated U.S. yields forward of the Federal Reserve’s charge choice due later within the day.

The fall to a report low got here regardless of intermittent greenback promoting intervention from the central financial institution in latest classes.

The rupee ended at a report closing low of 83.29 after touching a lifetime low of 83.2950 earlier within the session. It had closed at 83.25 on Tuesday.

Expectations that the Fed will hold rates of interest excessive for longer has prompted a selloff in longer-maturity Treasuries and boosted the greenback.

The Fed just isn’t anticipated to tweak charges on Wednesday however there are bets of another charge enhance in December.

The drop in ahead premiums, pushed by considerations over greenback liquidity, additionally exerted further strain on the rupee, whereas fairness outflows additionally weighed, merchants mentioned.

Foreigners have bought equities value about $2.95 billion in October after promoting $1.7 billion in September, following a six-month shopping for streak.

Overseas traders have purchased $11.7 billion of Indian equities to this point this yr, a turnaround from the practically $12 billion of outflows recorded in 2022.

Most Asian currencies fell on Wednesday with the Korean gained main losses. The greenback index was increased at 106.88.

The Indian central financial institution has been intervening within the non-deliverable forwards market, onshore forwards and spot market to forestall extreme volatility.

These interventions had prevented a breach of the report low in latest weeks, merchants mentioned.

The earlier report low of 83.29 was hit in October final yr. (Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala)