Rupee slips to record low pressured by NDF dollar bids, RBI likely steps in

The Indian rupee slumped to a new record low against the dollar on Wednesday, crossing 84.86 per dollar due to strong demand in the non-deliverable forwards market. Likely intervention by the Reserve Bank of India, selling dollars via state-run banks, helped curb further losses, preventing the rupee from mirroring gains seen in other Asian currencies.