The rupee closed at 60.21/22 a dollar on Wednesday compared with its previous close of 59.66/67. The rupee is not far from a record low of 60.76 hit last week.

It slipped below the 60 a dollar mark after hitting an intra-day low of 60.44. This is the first time since June 27 that the Indian currency has fallen below the 60 level. On June 26, it touched an all-time low of 60.76 against the dollar.

In the offshore non-deliverable forward (NDF) market, one-month contract was at 60.62 a dollar, while the three-month contract was quoted at 61.33.

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