Rupee falls to record low to 86.70 against US dollar

The Indian rupee logged its steepest single-day fall in nearly two years and ended the session 66 paise down at its historic low of 86.70 against the US dollar on Monday, weighed down by a stronger American currency and surging crude oil prices.

At the interbank foreign exchange, the rupee opened at 86.12, and moved 1 paisa during intraday to 86.11 before closing the session with a loss of a staggering 66 paise at its lowest-ever level of 86.70 against the greenback. The fall of 66 paise in one session was the steepest since February 6, 2023 when the unit had lost 68 paise.