Indian rupee hits all time low record and collapsed to 71(70.98 in real-time) against US dollar today. Due to the high demand of the USD the INR is very low compared to it.
Also the rising of crude oil price in the international market is the cause of lower value of Indian rupee in compared to dollar. Rupee is currently the worst performing currency in Asia. The weakness in the Asian peers gave a boost to the US dollar.
#RupeeAt71 got a place in twitter trends after INR collapsed against dollar.
Traders said the central bank was likely infrequently selling dollar through state-run banks to prevent a sudden sharp fall but traders do not expect any major intervention.