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Thursday, October 31, 2024
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HomeIndiaRupee drops to all-time low on equity outflows, US election worries

Rupee drops to all-time low on equity outflows, US election worries

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MUMBAI (Reuters) – The Indian rupee dropped to a lifetime low on Thursday in the wake of persistent equity outflows and anxiety over next week’s U.S. election results.

The rupee declined to a record low of 84.0925 to the U.S. dollar, inching past the previous low of 84.0900.

Foreign investors have taken out money from India at a record pace this month amid relatively expensive valuations and China’s stimulus plans, piling pressure on the rupee.

The Reserve Bank of India’s regular intervention has kept rupee’s losses and volatility in check.

The uncertainty over the Nov. 5 U.S. election outcome has been weighing and Asian peers, further impacting the rupee.

(Reporting by Nimesh Vora; Editing by Savio D’Souza)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

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