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

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

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

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

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

rupee h been range-bound between 83 and 83.2950 since last week of September.

(With Reuters inputs)