India's rupee nears record low against dollar

The dollar hit a record high against the Indian rupee Thursday as the US unit rockets against other global currencies on expectations of a rise in US interest rates. Trump's victory last week lit a fire under the greenback as investors bet his big-spending tax-cutting plans will fan inflation and force the Federal Reserve to ramp up borrowing costs. There are also fears about Trump's rhetoric during the election campaign that he would tear up global trade agreements.