Rupee tumbles to record low against US dollar

KOCHI: The value of the Indian rupee fell to a record low of 83.42 yesterday as the US dollar strengthened against major currencies in Asia. On Friday, the value of the rupee fell by 28 paise. On Thursday, the rupee was at 83.14 per dollar.

The dollar strengthened as China's yuan weakened. Ahead of the end of the financial year, exporters bought the dollar, creating a setback for the rupee. Meanwhile, India's foreign exchange reserves rose to a new record of $64,249 crore in the week ended on March 15. The RBI's dollar purchases to stabilize the rupee and the surge in gold prices boosted foreign exchange reserves.