Rupee hits record low against US dollar

Rupee hits record low against US dollar
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MUMBAI: Fears over a rise in global protectionist measures, along with a strong US economy, dragged the Indian rupee to a fresh intra-day low of over 70 against a US dollar during the pre-afternoon hours on Tuesday.

Around 11.00 a.m., the rupee plunged to 70.08 to a US dollar. However, soon afterward the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee’s free fall.

The intervention aided the rupee to stabilize just a tad below 70 to a USD at 69.98 around 11.05 a.m.

IANS