2024-08-05 09:45:59 am | Source: Reuters
Indian rupee drops to lifetime low on outflow worries
The Indian rupee fell to an all-time low at the open on Monday, on worries that the risk off prompted by U.S. recession worries could lead to foreign outflows.
The rupee opened at 83.78 to the U.S. dollar compared to its previous close of 83.75, and slipping past the lifetime low of 83.7525 hit on Friday.
The selloff in U.S. and Asian equities following a disappointing jobs report spurred worries of foreign outflows from India and other emerging markets.
The sharp selloff may prompt the Reserve Bank of India to let USD/INR move higher to 83.90, a trader at a public sector bank said.
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