The Indian rupee on Tuesday hit a record low of 61.79 against the US dollar, edging past previous low of 61.21. On Monday the currency had closed at 60.88/89.
Also read: Back to normal: RBI puts up long-term govt bonds for saleUnderlying US dollar demand from importers will take the already weak Indian rupee towards 61.70-61.80 levels, predicts Arvind Narayanan, Head of Sales, Treasury & Markets, DBS.
Fall in rupee indicates that the liquidity tightening measures taken by the Reserve Bank of India (RBI) have so far not yielded the desired results.
The rupee breached its previous all-time low of 61.21 seen on July 8.
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