The reeling rupee has yet again hit a record all time low against US dollar in the inter-bank market.
US dollar reached as high as Rs 94, which is an all-time high in history of the country. Yesterday it was about Rs 93.20 in the inter-bank and Rs 94 in the open market operations.
The two reasons behind the increase are increase in demand for dollar for foreign debt repayment and higher demand of the greenback by the importers and exporters for opening letter of credit.
Currency savants said if USD is not stopped in its tracks now the imports would go dearer fuelling inflation big time.
