The rupee closed at a record low of 83.39 against the dollar, though the decline was only three paise from its previous close and 10 paise over a month. Forex dealers attributed the weakening to demand from importers. While RBI stepped in, it did not aggressively defend any exchange rate. The rupee’s movement against the dollar contrasted with other Asian currencies, which gained with an easing of yields in US treasuries. The euro, Singapore dollar, Taiwan dollar, Thai baht, Chinese yuan, and Malaysian ringgit firmed up against the dollar.
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