Indian rupee hits record low amid decline in Asian peers on US election updates

The Indian rupee weakened to an all-time low on Wednesday as early results of the U.S. presidential election boosted the dollar and pegged back Asian currencies.

The rupee fell to 22.935 against the UAE dirham (84.1725 against the US dollar), down 0.07 per cent from its previous close at 22.9175 (84.1075 against the US dollar). The currency was last quoted at 22.9346 (84.17).

The dollar index climbed nearly 1.5 per cent to a four-month high of 104.9, while Asian currencies declined by as much as 1.2 per cent as initial trends signalled an edge for Republican candidate Donald Trump, prompting interest in so-called 'Trump trades.'

US Treasury yields were higher as well, with the 10-year yield up 15 basis points at 4.44 per cent.

Projections by media outlets showed that Trump is expected to have secured 198 electoral collage votes, leading Kamala Harris who stood at 112 votes, with results for battleground states yet to be called.