Indian rupee hits record low, RBI steps in

The Indian rupee hit a record low on Tuesday due to strong dollar bids in the non-deliverable forwards (NDF) market, while likely intervention by the Reserve Bank of India limited the losses.

The rupee reached a new all-time low of 86.6475 before ending the day at 86.63 against the U.S. dollar, a decrease from its previous close at 86.5750.

The currency faced downward pressure throughout the session due to widespread dollar demand driven by expiring positions in the NDF market.

Attribution: Reuters

Subediting: Y.Yasser