A day before Independence Day, Indian Rupee on Monday declined below Rs 83 to an US dollar, the lowest since October 2022.
The strengthening of the dollar against the Indian rupee is attributed to an increase in the US dollar index to 103 and the US bond yield to about 4.18 per cent.
Increasing demand for crude oil also added pressure on the Indian currency.
The rupee traded in the morning at Rs 83.06 against the previous closing price of Rs 82.84 and later touched Rs 83.11.
Last October, the Indian currency touched a low of Rs 83.08.
The rupee later recovered to Rs 82.95 possibly with the intervention of the public sector banks that sold dollars.