Rupee Hits Record Low After Breaching 89 Against US Dollar As Risk

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The rupee weakened past a psychologically crucial level of 89 against US dollar on Friday. The Indian currency declined 0.87% against the green back and recorded the worst intraday decline since May 8.

The Indian unit settled 70 weaker against the greenback at 89.41 a dollar on Friday. It's the lowest closing level for the rupee.

During the last leg of the session, the rupee slumped 77 paise to a record low of 89.48 against the greenback on Friday. It settled at 88.71 a dollar in the previous, accoridng to data on Bloomberg.

The India-US trade deal has been an over hang for some time. Today, the trigger is the risk-off sentiment because of the concern of artificial intelligence-led rally