Indian rupee declines to all-time low on heavy dollar demand
3:11 am Thursday, September 05th, 2024
MUMBAI (Reuters) – The Indian rupee declined to a lifetime low on Thursday pressured by dollar demand from importers for meeting their immediate and futures payments.
The rupee dropped to a record low of 83.9850 to the U.S. dollar, inching past the previous worst level of 83.98. The losses on the rupee would have been much larger if it for not for intervention by the central bank, traders said.
The rupee’s drop to an all-time low came in the face of a dollar that was struggling on dovish Federal Reserve bets.
(Reporting by Nimesh Vora; Editing by Nivedita Bhattacharjee)
