Concern for India: Rupee plunges to historic low
New Delhi: Fears over a rise in global protectionist measures, along with a strong US economy, dragged the Indian rupee to a fresh intra-day low of over 70 against a US dollar during the pre-afternoon hours on Tuesday.
Around 11.00 a.m., the rupee plunged to historic low 70.08 to a US dollar. However, soon afterward the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee's free fall.
The intervention aided the rupee stabilise just a tad below 70 to a USD at 69.98 around 11.05 a.m.