Indian rupee hits lifetime low

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The Indian rupee hit a new low on a proposed hike in US visa fee.

The rupee slipped 0.5 per cent to hit an all-time low, pressured by the US visa fee hike, muted foreign equity inflows and a pickup in hedging.

The country’s central bank likely sold dollars via state-run banks near the 88.50 level to support the rupee before allowing it to slide further.