Rupee hits record low; RBI intervention watched

Was trading at 57.37/38 per dollar after hitting record low of 57.38, past the previous all-time low of 57.32 hit in June 2012

The rupee dropped to a record low in early trade on Monday tracking gains in the US dollar after disappointing data from China and slightly better-than-expected US jobs data.

Traders are on watch of any intervention from the RBI. There has been little indication the Reserve Bank of India has intervened to prevent rupee weakness in recent sessions, according to traders.

The partially convertible rupee was trading at 57.37/38 per dollar after hitting a record low of 57.38, past the previous all-time low of 57.32 hit in June 2012. The rupee had closed at 57.06/07 on Friday.