Rupee breaches 80/$ for first time, settles at 79.95 after RBI intervention

The rupee on Tuesday weakened past 80 per dollar for the first time but went on to recover lost ground against the greenback owing to interventions by the Reserve Bank of India (RBI) and persistent sales of dollars by exporters, dealers said.

The rupee plunged to its lifetime low of 80.06 per US dollar in early trade before recouping all losses to close at 79.95. On Monday, the domestic currency had settled at 79.98 a dollar — an all-time closing low. The rupee has depreciated 7.01 per cent against the dollar this year.

The government, however, said the rupee was managed well and there was nothing to be “overtly” worried about the depreciation in the domestic currency against the dollar.