rupee vs dollar us india american us fed interest rate hike raise reserve elections donald trump modi govt all time low 2013 bjp nda arun jaitley
A woman shows the new Rs 500 denomination currency note outside an ATM kiosk in Kolkata on November 20, 2016. The domestic currency plunged to a new low of 68.84 to the US dollar on Thursday as foreign investors continue to pull out money in view of possible interest rate hike by the US Federal Reserve.IANS
The Indian rupee hit a new low of 68.86 against the US dollar on Thursday, as foreign investors continue to sell their holdings in view of an imminent interest rate hike by the US Federal Reserve next month. The previous all-time low for the domestic currency was 68.85 on August 28, 2013.
On that day, the rupee experienced its biggest single-day fall in 18 years but gained later to close at 66.24.
Narendra Modi was voted to power in May 2014 when his BJP-led NDA swept the general elections, ousting the Congress-led UPA that remained in office for 10 years.
Earlier, on Thursday, the rupee opened 19 paise lower at 68.76.
Foreign institutional investors (FIIs/FPIs) have been on a selling spree in November, offloading debt and equities worth $3.18 billion, the Mint reported.
The fall is not confined to the Indian rupee alone. 
"Asian currencies' drop to a seven-year low will probably deter regional central banks from easing monetary policies as the prospects of higher U.S. rates spurred capital outflows," Geojit BNP Paribas said in a note on Thursday morning.