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Rupee Hits Record Low Of 68.86 Against US Dollar; RBI Has Intervened
An Indian bank employee checks stacks of new 2,000 rupee notes (SAM PANTHAKY/AFP/Getty Images)
The Indian rupee hit a record low of 68.86 per dollar today (24 November), said a Reuters report. Chief causes of this fall appear to be the demonetisation drive in India, capital outflows from emerging markets and renewed interest over Fed interest rate hike.
PTI tweeted:
The previous all-time low was 68.85 per dollar, in August 2013, at a time of serious currency crisis in the country.
The Reserve Bank of India is said to have intervened in order to help rebound the rupee.
The Economic Times reported that that rupee has already plunged 2.5 per cent since the 8 November announcement of demonetisation of old Rs 500 and Rs 1,000 notes.
According to Abhishek Goenka, who is the founder and chief executive officer of India Forex Advisors, the rupee will remain weak for longer.
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