Rupee falls near all-time low, RBI intervention seen
The Indian Rupee slipped to 68.83 against the US dollar on Thursday after the Reserve bank of India had intervened in the foreign exchange market.
At 10.50am, the rupee has been trading at 68.74 a dollar, down 0.23% from its previous close of 68.57. The rupee is now 10 paise short of its all-time low of 68.85 to the dollar. The home currency opened at 68.76 against the US dollar and touched a low of 68.84, a level last seen on 28 August 2013.
The rupee had recorded its all-time low value of 68.85 against the dollar in August 2013. T that the country was suffering from its worst market turmoil since the 1991 balance of payment crisis. Traders are saying that RBI might have intervened in the foreign exchange market to stem the rupee volatility.
The value of Rupee has fallen 3.8% so far this year.