Rupee Tests 68.89 Level On A Flight To Test 70 To US Dollar 

New Delhi: Amidst the demonetization chaos and bleak predictions for the Indian GDP, the rupee Thursday crashed to a record low, but the pain is not over yet. Some market experts said the domestic currency could slip to 70 level to the dollar in the near term.

After hitting a record low of 68.86 against the US dollar in intraday trade on Thursday, the rupee opened 5 paise higher at 68.67 on Friday. Its previous low was Rs 68.85 on August 28, 2013.

With the news of RBI selling dollars in the spot market, traders and dealers frantically off loaded the domestic unit as speculations are rife that the currency could weaken more and breach the 69-70 mark.

The recent spurt in the Dollar Index to a 14-year high, primarily on account of the increased probability of a December Fed rate hike and rising bond yields, has triggered the rupees fall and the demonetisation further fueled it.

Foreign investors have offloaded nearly Rs 12,000 crore worth of equities and almost similar amount in bonds so far in November.