Rupee hits record low as US dollar surges on Trump's early lead in US election results

Rupee hit an all-time low on Wednesday, November 6, pressured by early results from the US presidential election that strengthened the dollar and weighed on Asian currencies.

The rupee slid to 84.1725 against the US dollar, marking a 0.07% decline from its previous close of 84.1075. It was last seen trading at 84.17.

Sources report said the dollar index climbed nearly 1.5% to a four-month high of 104.9, while Asian currencies declined by as much as 1.2%.

Early trends from the US election results showed a lead for the Republican candidate Donald Trump, who is widely expected to launch protectionist tariffs and policies if he returns to the White House.

The Reserve Bank of India (RBI) has reportedly spent over $10.8 billion from the world's fourth-largest reserves to defend the currency from election-related volatility.

The rupee had hit its lowest exchange rate of 84.13 against the US dollar on November 5 before recovering slightly by close. Continued strength in the greenback could push the Indian rupee lower to a new record low today.