Uncertainty over the India-US trade deal, along with the lack of Reserve Bank of India (RBI) effort to stop the slide in the local unit, put further pressure on the rupee, according to forex traders
Graphic/Yogesh Jain
The rupee breached the 90-a-dollar level for the first time to settle at a fresh all-time low of 90.21 (provisional) on Wednesday, down 25 paise from its previous close, amid sustained foreign fund outflows and higher crude oil prices.
Uncertainty over the India-US trade deal, along with the lack of Reserve Bank of India (RBI) effort to stop the slide in the local unit, put further pressure on the rupee, according to forex traders.
At the interbank foreign exchange, the rupee opened at 89.96 against the US dollar and fell to a record intraday low of 90.30 during the session before closing at a new all-time low of 90.21 (provisional), down 25 paise from its previous close.
On Tuesday, the rupee settled 43 paise down at a lifetime low of 89.96 against the US dollar, largely owing to continued short-covering from speculators and sustained importer demand for the American currency.
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