The Indian rupee breached 68.50 against the U.S. dollar to a record low on Wednesday. The partially convertible rupee crashed over 3 per cent to hit a low of 68.55 as against Tuesday's close of 66.24.

Stock markets also fell sharply, with the 50-share Nifty benchmark trading below 5,150 levels having dropped around 170 points. The BSE Sensex dropped over 500 points.

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