New Delhi, Dec. 1 -- The Indian rupee sank to a fresh all-time low today, touching Rs 89.79 against US dollar during intraday trade, as strong dollar demand, foreign fund outflows and global uncertainty triggered a sharp fall in the currency.
This is the steepest drop in recent weeks and the first time the rupee has come so close to Rs 90 mark.
The partially convertible rupee opened weak at around Rs 89.45 and kept sliding through the day as importers rushed to buy the greenback, especially oil and commodity buyers.
With global crude oil prices rising again, India's import bill has jumped, increasing the market's need for dollars and pushing the rupee down further.
Currency dealers said the fall was also driven by thin dollar supply and...