% breaches 89.5/$-mark, closes at new low

Dealers said the central bank decided to stay on the side lines after it breached 88.80 a dollar mark, which triggered stop losses and the currency slipped to the day’s low.

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“The 88.80 per dollar mark had become a line in the sand and most market participants would have had that as a stop loss in mind,” said Abhishek Goenka, founder & chief executive officer, IFA Global.

The rupee was the worst-performing currency among its Asian peers on Friday.