Rupee hits a brand new record low of 82.95 against the dollar on Wednesday.

With this, the reversing gains from earlier in the session on more indications that high inflation will keep major central banks in rate-hike mode, hurting the recent risk-assets rally.

Bloomberg showed the rupee closed at its weakest level of 82.8938 per dollar after opening at 82.3062, compared to its previous close of 82.36.

The domestic currency fell to a new intra-day record low level of 82.9450 against the greenback in a volatile trading session on Wednesday.

PTI reported that the rupee plunged 61 paise to dip below the 83 mark for the first time ever and closed provisionally at a new record low of 83.01 against the US dollar. 

Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors said, "With possibly the Reserve Bank of India buying dollars in currency futures yesterday indicating of things to come, it was only time when 82.40 would have been breached. So no level seems to be sacrosanct for the rupee, and therefore 83.50 should be the next target once 83.00 is breached.”