Indian rupee falls to its weakest level in over two and half years

MUMBAI - The Indian rupee fell to its lowest level in over two and a half years nearing its record low, tracking Asian peers on global dollar strength.

Traders said the central bank was spotted selling dollars via state-owned banks around 68.61 rupee (S$1.41) levels to rein in the currency's fall.

At 0353 GMT, the Indian rupee was trading at 68.5750/5800 to the dollar, after falling to 68.6250 in early trade, its weakest level since Aug. 28, 2013, when it had touched a record low of 68.85 to the dollar. The rupee had closed at 68.3725/68.3825 per dollar on Tuesday.