The Indian rupee hit a record low on Wednesday as preliminary results from the U.S. presidential election strengthened the dollar and weakened Asian currencies.
The rupee dropped to 22.935 against the UAE dirham (84.1725 against the US dollar), a decline of 0.07 per cent from its previous close at 22.9175 (84.1075 against the US dollar). The currency was last traded at 22.9346 (84.17).
The dollar index surged nearly 1.5 per cent to a four-month high of 104.9, while Asian currencies fell by up to 1.2 per cent as early trends indicated a lead for Republican candidate Donald Trump, sparking interest in 'Trump trades.'
US Treasury yields also rose, with the 10-year yield increasing by 15 basis points to 4.44 per cent. Media projections showed Trump securing 198 electoral college votes, ahead of Kamala Harris who had 112 votes, with results from key states still pending.
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