MUMBAI (Reuters) – The rupee on Tuesday dropped to 83 against the U.S. dollar for the first time in almost two weeks on likely dollar outflows and broad weakness in Asian currencies.
The rupee was at 83.0050 to the dollar, down from 82.7475 in the previous session.
The offshore Chinese yuan dropped to near 7.30 to the dollar following weak China services data. The Korean won was the worst performer in Asia, down by almost 1%.
The dollar index was at 104.6.
Traders also cited dollar outflows as a reason for the rupee’s fall. Some traders talked of corporate outflows while other talked of an equity-related outflows. One trader pointed to large dollar-buying by oil companies.
(Reporting by Jaspreet Kalra; Editing by Janane Venkatraman)
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