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Rupee hits record low of 69.01 against US dollar

Rupee

New Delhi: The rupee on Thursday opened at an all-time low of 68.89 against the US dollar amid heavy month-end demand for the American currency from importers and banks.

Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.

The dollar’s sharp gain overnight coupled with falls in Asian peers caused the drop in early trade, traders said, adding they were hopeful the central bank would step in to prevent further losses.

The rupee’s last record low was 68.8650 per dollar, hit on November 24, 2016.

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