New Delhi, Nov. 24 -- The Indian rupee on Friday slumped to a record low of about 89.60 to the US dollar, zipping past the 89 mark for the first time. Its difficulties came amid a sharp fall in global tech share prices as risk-off sentiment rose, even as a US-India trade deal continued to elude us.

Just the day before, Reserve Bank of India (RBI) Governor Sanjay Malhotra had reaffirmed RBI's stance on letting the currency float, with its interventions aimed only at smoother exchange-rate movements.

Since this was a long-held position, it should not have been a factor, though market participants might have taken the 89 level cracking as a sign of an even more hands-off RBI and dollar purchases to cover short positions may have exacerbate...