|Published : 24 Nov 2016, 15:13:31 | Updated : 24 Nov 2016, 17:57:21|
Rupee hits record low of 68.86; RBI intervenes
The Reserve Bank of India (RBI) likely intervened after the rupee hit a record low of 68.86 per dollar on Thursday, pressured by broad strength in the US dollar, capital outflows from emerging markets, and worries about India's demonetisation drive.
The low surpassed the rupee's previous all-time nadir of 68.85 hit in August 2013, when the country was mired in its worst currency crisis in more than two decades.
The intervention from the RBI sparked a slight rebound in the rupee to 68.83, two traders said, according to Reuters.