The rupee hit the psychological 90-a-dollar level in intraday trade before settling 42 paise down at an all-time low of 89.95 (provisional) against the US dollar on Tuesday, largely owing to continued short-covering from speculators and sustained importer demand for the American currency.
Forex traders said multiple pressures, like foreign fund outflows from equities and lingering uncertainty over the Indo-US trade deal, are keeping investor sentiment fragile.
At the interbank foreign exchange market, the rupee opened at 89.70, then lost its ground and fell to a record intraday low of 90.00 against the US dollar, down 47 paise over its previous close.
At the end of trade on Tuesday, the rupee settled at a record low of 89.95 (provisional) against the greenback, down 42 paise over its previous close.
On Monday, the rupee depreciated by eight paise to close at 89.53 against the US dollar. -- PTI
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