Rupee breaches 68-mark; falls to over two-year low

The currency pulled back after touching 68 as state-run banks were seen selling dollars

The rupee fell to a more than two-year low today, inching closer to a record low of 68.85 hit in August 2013, as a continued fall in global oil prices raised concerns about the global economy.

The rupee fell to 68 per dollar, its weakest level since September 4, 2013, but pulled back as state-owned banks were spotted selling dollars likely on behalf of the Reserve Bank of India, three dealers told Reuters.

The rupee had hit a record low of 68.85 in August 2013, when the country was in the midst of its worst currency turmoil since the balance of payment crisis.

 

At 11:22 a.m., the rupee was trading at 67.9725/9800, compared with Tuesday's close of 67.6450/67.6550.