Rupee hit a record low of 68.87against the US dollar (USD) on Thursday, surpassing its earlier all-time intra-day low of 68.85 hit on August 28, 2013
Last time, the domestic currency had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013
The Indian currency has shrunk 2.92% since Donald Trump's victory in the US Presidential election earlier this month
The rupee weakened 0.5 per cent on Wednesday, falling for the eighth time in nine days
Imminent higher interest rate environment arising out of the US Fed Reserve's hawkish tone along with heavy capital outflows took a toll on the rupee
Analysts at ICICI Securities expect the rupee to hit 68.1 levels going ahead
Decision to maintain a positive outlook on India's Baa3 rating by Moody's also weighed on the trade on Thursday
However, in late afternoon trade, the rupee slid in line with retreating stock markets and touched an intra-day low of 67.97 per dollar
Benchmark BSE Sensex rose 390.04 points, or 1.43 per cent, to 27,642.57 in early session on Thursday
Even as the volume in the currencies market was less, the dealing rooms of banks were buzzing with activity
Besides, a suspected RBI intervention largely supported the local currency
The benchmark BSE Sensex gained 37 points, trading at 27,867.81 in early trade
Rupee opened at 66.44 a dollar level but was already under some pressure as US dollar strengthened against major global currencies
Increased selling of the dollar by exporters and banks and a higher opening in the domestic equity market supported the rupee
Meantime, Bank of Japan (BoJ) kept interest rates on hold at minus 0.1 per cent
Currency investors across the globe are cautiously awaiting the FOMC outcome
Rupee firmed up 16 paise to 66.86 against the dollar in early trade on Friday
Currency settles down after finance and commerce ministries deny meeting next week
A low rate makes the country less attractive for a foreign investor and the inflow thins, which puts further pressure on the local currency to depreciate
Economic affairs secretary Shaktikanta Das denied any such move to boost dwindling exports