Indian rupee hits record low of 74.22 against US dollar

New Delhi, Oct 5: Rupee crossed 74 against US Dollar on Friday; now rupee stands at 74.10 per US dollar. Rupee slipped to a record low 74.22 per dollar, down 64 paise from previous close 72.58 per dollar. It opened marginally lower in the early trade.

SC Garg, Secretary, DEA, said, "Government welcomes MPC(monetary policy committee) statement & decision to keep rates unchanged. Government's assessment of inflation is in line with the MPC's assessment. We believe growth should turn out to be higher than that projected by MPC."

At the Interbank Foreign Exchange (Forex) market, the rupee opened higher at 73.56 a dollar against its previous record low closing of 73.58 on Thursday, but failed to sustain the initial strength and fell back to breach the 74 mark.