Rupee hits record low as Indian markets tumble

The Indian rupee opened slightly stronger on Friday at 88.63 against the US dollar, gaining 5 paise despite continued weakness in domestic equity markets driven by global uncertainty and stalled US-India trade discussions. After initially touching 88.67 at the interbank forex market, the rupee recovered on support from softer crude oil prices and steady foreign inflows. It had closed at 88.68 on Thursday. However, the early stability did not last. The rupee later crashed to a record intraday low of 89.50, its sharpest fall in over three months, as reduced RBI intervention and a strengthening dollar pressured sentiment.Read more…