Rupee breaches 78/$ level for first time, plunges to all-time low of 78.28

The rupee hit a new low of 78.28 in intraday trade and closed below the 78 level for the first time on Monday as foreign investors sold in the equity markets over fears that the US Fed may hike interest rates further. A forex dealer said that markets were beginning to factor in a further 75-basis-point-increase in interest rates in the United States.

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