The rupee on Thursday inched closer to 74.50 against the dollar on account of buying in American currency by banks and exporters. After opening 10 paise down at 74.31 against the dollar, the local currency hit its fresh record low of 74.46 against the dollar. The dollar remained steady against a basket of currencies after spooked investors drove US stocks to their worst fall in nearly eight months overnight.
The rupee has hit repeated record lows against the dollar this year in its worst run since the financial crisis. It is down over 16 per cent so far this year, tracking a deep selloff in emerging markets driven by a resurgent dollar and the ongoing U.S-China trade war.