Rupee continues downward journey, touches lowest ever value of 70.51 to USD

The Indian rupee touched a record low of 70.51 to the dollar on Wednesday, tracking weakness in Asian peers and on strong month-end dollar demand back home.
 

The Reserve Bank of India likely sold dollars, though the force was mild, according to two senior forex officials at state-run banks.
 

"The RBI is not trying to protect any level unlike when the rupee was at 69 and it was trying to protect that level," said one official.
 

"It is just supplying dollars in small amounts." The rupee was trading at 70.45 per dollar, compared with its previous close of 70.10 on Tuesday.