On Wednesday, the rupee declined by 19 paise to settle at an all-time low level of 78.32 against the US dollar.
Parmar further said that there is a high chance of a near bounce amid a fall in commodities, strength in regional currencies and recovery in risk assets.
“Spot USDINR is expected to be in the narrow range of 78.10 to 78.50 before heading towards 79 odd levels,” Parmar said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.41 per cent to 104.62.
Brent crude futures, the global oil benchmark, declined 0.99 per cent to USD 110.63 per barrel.
On the domestic equity market front, the BSE Sensex ended 443.19 points or 0.86 per cent higher at 52,265.72, while the broader NSE Nifty gained 143.35 points or 0.93 per cent to 15,556.65.
Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 2,920.61 crore, as per stock exchange data.