Indian rupee slips to record low amid weaker yuan, broad based dollar outflows
Mumbai — The Indian rupee weakened to an all-time low on Monday, pressured by a decline in most of its Asian peers and sustained dollar demand from local corporates and oil companies.
The rupee hit a record low of 83.67 against the U.S. dollar, slipping past its previous lifetime low of 83.6650 hit in June.
The currency was last trading at 83.6575 as of 12:30 p.m. IST.
The dollar index was slightly higher at 104.3, while most Asian currencies weakened, with the offshore Chinese yuan, a closely tracked peer of the rupee, down 0.1% at 7.29.
The rupee has remained under pressure over the last few trading sessions despite strong inflows into the local debt and equity markets.
Despite the decline to a record low on Monday, traders expect the Reserve Bank of India to continue intervening to support the rupee and not allow sharp declines in the currency.
