Exchange rate hits near 3-year low of Rs. 117.50

The rupee fell by 1.9% yesterday to hit a near three-year low as the US Dollar exchange rate closed at 117.50, its lowest since 15 May 2009, from Thursday’s close of 115.25.

The currency has weakened 3.13 per cent in the last two sessions after the Central Bank changed its intervention policy. The bank has spent more than $ 2.7 billion to defend the currency since July.