Rupee hits record low on local stocks, risk aversion

Some traders expect a mild short-covering rally in the near-term

The rupee fell to a new record low against the dollar on Thursday as local stocks gave up gains notched earlier in the session while the euro remained near four-month lows.

The rupee was last trading at a record low of 54.5650, breaching its previous all-time low of 54.52 hit just on Wednesday.

Local stocks were trading flat after rising as much as 1.3% earlier in the session.