Rupee races to 300, trades at new low of 299 per dollar in interbank market

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The rupee tumbled to a record low as the cash-strapped nation continues to grapple with the political turmoil which threatens to spiral into a fullblown crisis.

In the interbank market, the local unit plunged Rs8.78, or 3.02%, against the US dollar on Thursday trading at 299 in the interbank market at 1.17pm.