By K.M. RameshThe stock market in India hit a fresh record low on Wednesday, with the rupee dipping below 80 against the dollar and a loss of 7.2% in the first three hours of trading.
The rupee also hit a new record low against the greenback in Asia.
The rupee was trading at 78.70 against the US dollar, with gains of 1.6% in early afternoon trade.
The day’s losses were mostly due to a loss in the foreign currency trade.
The decline in the rupees value came as the ruata tumbled 7.7% on Thursday after the Reserve Bank of India slashed the benchmark rate for the first time in three months to a record low of 8.5%.
The ruata is the benchmark interest rate on the Indian rupee, and it is a key indicator of economic growth and inflation.
The Indian ruata has been in negative territory for more than a month.
The country’s central bank is expected to raise interest rates in the coming weeks.
The ruata also fell to an eight-year low of 68.40 on Wednesday.
This is the fourth straight day of losses for the ruati currency, and India’s third consecutive day of decline.
The loss comes on the back of an 8.9% fall in the Indian dollar.
The Indian ruante fell 1.2%, while the ruasi hit a five-month low of 62.25.