Rupee Falls to Record Low of Rs 74 Against the Dollar

The rupee falls in value, breaching 74 against US dollar. This makes rupee the worst-performing currency in Asia.

An employee counts rupee currency notes inside a private money exchange office in New Delhi. Image used for representational purposes only.

(Photo: Reuters)

The Indian rupee, on Friday continued to crash against the US Dollar, as it breached the Rs 74 mark per dollar to reach a record low, NDTV reported.

The rupee fell to 74 against dollar even after the Reserve Bank of India has kept its key policy rate unchanged.

Rupee was quoted at 55 paise lower than the dollar soon after the RBI announced its monetary policy. At the foreign exchange market, Rupee opened higher at Rs 73.56 against a dollar, its record low after the previous 73.58. However, the currency failed to sustain the initial strength and fell back to cross the 74 mark.

The Times of India reported rupee has fallen 13.5 percent in 2018, making it Asia’s worst-performing currency.

(With inputs from NDTV and The Times of India.)