Rupee hits 92/$

The Indian rupee plunged to a fresh all-time low Friday, as demand for the dollar from corporates and importers compounded existing pressure on the currency. With this, the rupee has posted its steepest weekly decline in six months, weighed by sustained foreign fund outflows from India’s equity markets and hedging by importers. The rupee’s underperformance this week was all the more significant considering the fact that most Asian peers managed to post a modest advance against a weakening dollar index amid US President Donald Trump issuing threats over Greenland and later walking them back

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The rupee hit a historic low of 92-a-dollar Friday and gained marginally to settle at 91.90 against the American currency, amid selling pressure from foreign funds and risk-off sentiment in global markets.

Forex traders said the Indian rupee gave up early gains and hit a record low of 92 per US dollar in intraday trade due to weak domestic markets and persistent foreign fund outflows. Moreover, gains in crude oil prices and a surge in US treasury yields weighed on the rupee.