Indian rupee hits lifetime low of 78.95; traders note further deterioration

The Indian rupee weakened further on Wednesday, touching record lows against the US dollar as losses in domestic shares and other Asian currencies weighed on sentiment.

The partially convertible rupee was trading at 78.94/95 per dollar by 0409 GMT, after touching a lifetime low of 78.95. The currency closed at 78.77 on Tuesday.

Traders said the rupee could weaken towards 79 per dollar during the session, but the central bank is expected to intervene to slow the slide in the currency.