Rupee declines to all-time low amid outflows, tepid risk
Indian rupee slipped to an all-time low against the U.S. dollar on Friday amid weak risk appetite and persistent dollar demand from oil companies and custodial banks.
The rupee declined to 83.7250 to the dollar, slipping past the previous all-time low of 83.72 hit on Wednesday.
The local currency has remained under pressure for much of this week due to outflows of about $1 billion from domestic equities.
Alongside the outflows, dollar demand from local oil companies has pressured the currency, a foreign exchange trader at a state-run bank said.
On Friday, volatility in the Chinese yuan, which poses a potential risk to carry trades between the two currencies, and weak risk appetite added to pressure on the rupee.
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