Indian Rupee Plummets to New Low Against the Dollar

The Indian rupee fell to a new low of 83 against the US dollar on Wednesday as US interest rate rises continued to pile the pressure on Asian currencies, Live Mint reported.

Currency traders said the rupee was likely pushed lower by domestic banks buying up strong dollars for public sector enterprises, said the report, as well as the possibility that stop losses were triggered for banks at 82.40.

Read the full report: Live Mint

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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.