The rupee fell sharply in trade today to hit 63.77 to the dollar, a drop of 23 paise over Wednesday's close. This was the lowest level the currency has reached in 2015.
Dollar demand from foreign funds, who have been selling aggressively in the Indian markets were one of the reasons for the fall. Poor sentiments across the globe also weighed on the currency.
If stock markets continue to see selling from foreign funds, there could be more downside risk and the currency could slide below the 64 levels.
The fall in the currency is good news for exports, which have been recently hit.
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