India rupee falls to record low

MUMBAI: The Indian rupee fell to a record low in the last minute of trade on Wednesday, on the back of heavy demand for the greenback and elevated US yields ahead of the Federal Reserve’s rate decision due later in the day.

The fall to a record low came despite intermittent dollar selling intervention from the central bank in recent sessions. The rupee ended at a record closing low of 83.29 after touching a lifetime low of 83.2950 earlier in the session. It had closed at 83.25 on Tuesday.

Expectations that the Fed will keep interest rates high for longer has prompted a selloff in longer-maturity Treasuries and boosted the dollar.