Rupee slips to a new low; touches 71.79/$

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A private money trader counts rupee currency notes at a shop in Mumbai August 1, 2013. REUTERS/Vivek Prakash/Files

MUMBAI – The rupee plunged to a fresh record low of 71.79 to a dollar during the morning trade session on Wednesday.

Around 11.40 a.m. the rupee traded at 71.76 to a dollar before it touched 71.79 — the lowest ever mark — against the greenback.

The rupee had earlier touched 71.75 to a dollar around 10.40 a.m. on Wednesday.

The Indian rupee opened the day’s trade at the Inter-Bank Foreign Exchange Market at 71.44-45 to a dollar from its previous close of 71.58 to a greenback.

According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the weakness in the country’s equity and bond markets led to the rupee’s fall.

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