Indian rupee crosses Rs25 threshold against UAE dirham in early trade
The Indian rupee on Tuesday opened at 91.82 against the US dollar (25.01907 against the UAE dirham), recovering 8 paise from an all-time low. The rupee fell 1.18 per cent last week, taking it near the 92.00 per dollar handle for the first time. The move has coincided with persistent equity outflows, now at nearly $4 billion for January.The currency's decline has come despite the Reserve Bank of India stepping in regularly to lean against the move, according to traders. Market participants say the central bank is supplying dollars at various levels rather than defending any single level.Stay up to date with the latest news. Follow KT on WhatsApp Channels.Traders pointed out that the pace of the decline suggests pressures are not limited to portfolio flows alone, particularly with bullion imports appearing to have picked up.The rupee's weakness has built up depreciation expectations, in turn amplifying dollar demand.(With inputs from Reuters)Indian rupee may hit new low as dollar rally, tariffs, outflows threaten currencyIndian rupee crashes to new all-time low against UAE dirham
The Indian rupee on Tuesday opened at 91.82 against the US dollar (25.01907 against the UAE dirham), recovering 8 paise from an all-time low.
The rupee fell 1.18 per cent last week, taking it near the 92.00 per dollar handle for the first time. The move has coincided with persistent equity outflows, now at nearly $4 billion for January.
The currency's decline has come despite the Reserve Bank of India stepping in regularly to lean against the move, according to traders. Market participants say the central bank is supplying dollars at various levels rather than defending any single level.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Traders pointed out that the pace of the decline suggests pressures are not limited to portfolio flows alone, particularly with bullion imports appearing to have picked up.
The rupee's weakness has built up depreciation expectations, in turn amplifying dollar demand.
(With inputs from Reuters)
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