The Indian rupee weakened further on Thursday, hitting an all-time low of 83.075 against the greenback as the US dollar index surged above the 113 mark.

Amid a troubled macro environment, the local currency has depreciated by more than 11% in the calendar year 2022, surpassing the 83 mark for the first time in history yesterday.

Soaring US bond yields weighed on the Indian rupee. Yields on the policy-sensitive two-year Treasury note were near their highest levels since 2007, while the 10-year Treasury note yielded 4.15%.

The 10-year US Treasury yield jumped to its highest level since July 2008 on a weak housing report and expectations the Federal Reserve will continue to tighten interest rates sharply. On Wednesday, the domestic unit closed at an all-time low of 83.02.

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Traders said the currency sold out in the last half-hour of trading on Wednesday due to large outflows of corporate dollars and escrow funds. The rupee’s loss was largely propelled by a stronger dollar, with the latter closing at 82.40, likely to be protected by the Reserve Bank of India.