Rupee hits record low of 83.30 against US dollar on rise in US yields

The Indian rupee dropped to a record low against the US dollar on Friday on the back of weakness in Asian peers, prompted by the rise in US yields.

The rupee dropped to a lifetime low of 83.3050 to the dollar, down from 83.2800 in the previous session. The previous lifetime low was 83.2950.

"We will have to see how much follow-through is there," a trader at a bank told Reuters. "Today is Friday, which makes the price action from here all the more important."

The rupee traded in a narrow band and closed little-changed on Thursday as likely intervention from the Reserve Bank of India limited losses in the currency.

The rupee had been range-bound between 83 and 83.2950 since the last week of September.

(With Reuters inputs)