Rupee rocked, breaches 89 level for the first time

• Records biggest single-day fall in over six months

- CHRISTINA TITUS

THE RUPEE BREACHED the 89 level for the first time, hitting a record low on Friday on account of delay in the India-US trade deal. It closed at 89.41, down 70 paise — the biggest single-day fall since May 8. Intra-day, the rupee hit a low of 89.48.

The Reserve Bank of India (RBI), which has been defending the rupee at the 88.80 level, also did not intervene on Friday, surprising traders. On Thursday, the rupee slipped 12 paise to close at 88.71 against the US dollar.