By laksh5382 
Rupee It hit a new intraday record low of 84.9375 per US dollar (USD) on Wednesday due to factors like the highest-ever trade deficit and a strengthening greenback.
The Indian unit (INR) opened slightly weaker at 84.9175 per USD on Wednesday, compared to the previous all-time low of 84.8950.
Currently the rupee is trading at 84.9250 per USD. The Indian rupee had reached a low of 84.93 on Tuesday.
Forex market dealers said the RBI is intervening in the market through selling of US dollars to support the rupee, slowing its depreciation.
Radhika Rao, senior economist and executive director, Group Research, DBS Bank, said market participants will continue to test the incoming governor’s outlook on the currency as the rupee hit a record low below 84.80 this week.
“Further Yuan/CNH weakness and possibility of higher UST yields have also kept the rupee under pressure… There is also talk in the market that RBI’s NDF (non-deliverable forward) short position will be almost halved from the earlier rumored $60 billion. Has occurred.
“DBS FX strategist sees scope for further downside in rupee from 86/dollar over the next 3 months and 12 months,” he said.