Rupee hits new all-time low of 70.47 against US dollar

NEW DELHI: The Indian currency touched a record low of 70.475 to the in Wednesday‘s intra-day trading, tracking weakness in Asian peers and on strong month-end dollar demand.
The Reserve Bank of India (RBI) likely sold dollars, though the force was mild, according to two senior forex officials at state-run banks.

“The RBI is not trying to protect any level unlike when the rupee was at 69 and it was trying to protect that level,” said one official.

“It is just supplying dollars in small amounts.”

The rupee had closed at 70.10 on Tuesday.

Rupee had breached the psychological 70-mark for the first time on August 14, following a global currency crisis after the Turkish lira was battered.

On Wednesday, reflecting upon the fall of rupee, vice chairman Rajiv Kumar opined that the currency should be allowed to find its “natural level” and termed calls for a stronger rupee as a “falsifiable belief”.

The equity markets were trading flat in mid-day trade with the testing 11,750-levels

(With Reuters inputs)

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