Mumbai, 14 Aug 2018: Fears over a rise in global protectionist measures, along with a strong United States economy, dragged the Indian rupee to a fresh intra-day low of over 70 against a dollar in the pre-afternoon hours of Tuesday.
Around 11.00 a.m., the rupee plunged to 70.08 to the dollar. However, soon afterward, the Reserve Bank of India is said to have intervened in the open market to curb the rupee’s free fall.
The intervention aided the rupee stabilise just a tad below 70 to a USD at 69.98 around 11.05 a.m.