Rupee weakens close to its record low, closes 83.650 against US dollar

The rupee weakened despite a decline in the dollar index. The dollar index stood at 103.83, after declining to a four-month low of 103.6 in the previous session, according to LSEG Data. “The market has priced in a 100% 25 basis point rate cut in September, so the dollar index had to fall”, a foreign exchange dealer said.