Rupee hits record low of 64.03 against US dollar

The rupee hit a record low of 64.03 today against the US dollar despite measures in recent weeks by the Reserve Bank of India and government to defend it. 

The partially convertible curreny has declined 5% in six days.

Indian indices plunged nearly 2% on Monday and the rupee depreciated to its all-time low to close above the psychological mark of Rs. 63 as foreign institutional investors (FIIs) sold stocks in panic to repatriate dollars. 

On Monday, the Indian currency ended at 63.13, down 2.3%, its biggest single-day fall since September 22, 2011.