The rupee today hit a nine month low of 62.22 to the dollar, the lowest level seen since Feb 2014. The currency was last trading at Rs 62.18 to the dollar.

It may also lead to an acceleration in inflation should petrol prices be hiked due to depreciation in the rupee.

Very few analysts had expected the rupee to sharply depreciate beyond the 62 levels. This was largely on account of the strong dollar inflows through foreign funds in India. Check rupee rates here

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