Rupee registers biggest one-day fall in nearly two decades

The  rupee slumped to a record low near 69 to the dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets. 

1 US Dollar equals

68.80 Indian Rupee

Disclaimer

The pummelling in markets sent the rupee reeling 3.7% to an all-time low of 68.85 with the unit closing just a touch off that, at 68.80/81 per dollar, its biggest single-day fall since October 1995.

It closed on Tuesday at 66.24/25. In absolute terms too, the 256-basis-point fall in the rupee was the biggest ever. An assault on the psychologically key 70 level now appears imminent, as intervention from the Reserve Bank of India (RBI) seen mid-morning only gave the rupee a brief respite.