Rupee hits record low on importer hedging

The Indian rupee declined to a record low on Thursday, hurt by sustained dollar demand from local importers and high crude oil prices.

The rupee was at 83.4525 against the U.S. dollar at 11:04 a.m. IST, inching past its previous low of 83.45 hit last Wednesday.

There is persistent dollar demand, which is most likely from importers, a foreign exchange trader at a private bank said.