Market News
Rupee hits record low; state-run, foreign banks' dollar sales cap fall - REUTERS
MUMBAI, Jan 14 (Reuters) - The Indian rupee weakened to its all-time low on Tuesday due to strong dollar bids spurred by the maturity of positions in the non-deliverable forwards (NDF) market, while likely intervention by the Reserve Bank of India helped cap losses, traders said.
The rupee hit a record low of 86.6475 before closing at 86.63 against the U.S. dollar, down from its close at 86.5750 in the previous session.
The currency was under pressure through much of the session amid broad-based dollar demand prompted by maturing positions in the NDF market.
