Rupee trades at record low against dollar

The devaluation can partly be blamed on increased in import payments as it was traded at 90.40 to dollar, said dealers.A dealer said that the dollar strengthened because of forward buying for import payments, while the currency experts said that the slowdown in inflows of remittances resulted in the decline in the local currency value.“The rupee failed to demonstrate firmness against strong dollar demand by importers, which pushed the rupee down on the currency market,” said a dealer, adding that the rupee also floated lower versus euro.