The Indian rupee fell below the 68 mark and was last seen trading at 68.08 to the US dollar, dropping 26 paise over Thursday's close.
The sharp gains in the dollar was seen after the currency also moved higher against a basket of currencies. In fact, the US Dollar rose to a 13-year high against a basket of currencies. The US dollar has been rising following the Trump election, but, the sharper than expected gains has surprised many.
This has led to bond yields in the US spiking and emerging markets stocks tumbling. The Indian rupee is also expected to remain under pressure as there are ongoing redemptions towards some FCNR Deposits.
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