Indian rupee hits record low of 20.89 against UAE dirham – ZAWYA

Indian rupee hits record low of 20.89 against UAE dirham – ZAWYA

The Indian rupee opened higher at 20.70 per UAE dirham on Tuesday compared to the previous close, then went on to touch a new low of 20.89 against previous close of 20.71 per dirham.. The rupee was trading at 20.72 at 8am (UAE time), according to XE.com.. Currency analysts said the Indian currency remained under mounting pressure amid huge outflows from the capital market.. The rupee is likely to test 76.50 any time now in such a risk-averse situation, when investors are unloading equities, bonds and currency.. Analysts said the fall in the rupee comes even as the RBI has been heavily intervening in the spot market.. The RBI provided $2 billion of dollar liquidity via a forex swap lasts Monday and is expected to provide a similar line today..