Rupee at 90, Dec. 3 -- Billionaire banker Uday Kotak took cognisance of the slump in the Indian rupee to a record low and slide below the psychologically important 90 per US dollar mark. This is the first time that the rupee has breached past this level amid a persistent decline of 5% during the year, making rupee the worst-performing currency this year.

According to Kotak Bank founder and industry veteran, the proximate reason for the fall in the rupee follows the selling by foreign portfolio investors and PE funds under the FDI.

So far this year, FPIs have offloaded Rs.148,010 crore worth of stocks by remaining net sellers in seven of the last 11 months. In the two sessions of December, FPI selling stood at Rs.4335 crore.

In contrast...