MUMBAI, Dec 16: The rupee hit a record low, breaching 91 against the US dollar, settling at 90.93 on Tuesday, amid widening trade deficits and delays in the India-US trade deal.
The currency has fallen about 1% in the past five sessions and 5.1% so far this year. Finance Minister of State Pankaj Chaudhary noted the depreciation may boost export competitiveness but could raise import costs. Analysts expect the rupee could touch 92 without RBI intervention.
The decline coincided with FII equity outflows of Rs 2,381.92 crore, a weak dollar index, and falling Brent crude, while domestic markets tumbled, with Sensex down 533.50 points. (PTI)
