Daijiworld Media Network – New Delhi

New Delhi, Dec 4: The Indian rupee plunged to a fresh record low of Rs 90.25 against the US dollar on Wednesday, dropping 29 paise intra-day, as the currency came under pressure from large foreign institutional investor (FII) outflows and sustained dollar purchases by banks.

The currency opened at Rs 89.96 but slid to an all-time intra-day low of Rs 90.25. On Tuesday, the rupee had closed at a record Rs 89.96, after a 43-paise fall prompted by speculator short-covering and a surge in importer demand for dollars.

Traders attribute the steep fall to a combination of factors including weakening domestic equity markets, lack of clarity over an India–US trade deal, and strong demand for hard currency. The ongoing meeting of the Reserve Bank of India’s Mo

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