05-08-2024 09:45 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.
Latest News
Neutral MAX Financial Services Ltd Target Rs. 1030 B...
MSMEs have become vital supply chains for big indust...
Buy Hindustan Petroleum Corporation Limited Target R...
India has largest green railway network with 95 pc t...
Buy Hero MotoCorp Ltd Target Rs. 865 By Motilal Oswa...
Buy Signature Global Ltd Target Rs. 2,000 By Motilal...
Indian startups raise over $265 million funding in 1...
Premier Energies coming with IPO to raise Rs 2900.53...
IIM Bangalore announces India?s first global centre ...
Sell Madras Rubber Factory Ltd Target Rs. 1,08,000 ...