Rupee falls below 84.50/$ for first time on dollar strength, outflows

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Rupee falls below 84.50/$ for first time on dollar strength, outflows - Business Standard

Quick Summary:

The rupee weakened to 84.5025, eclipsing the all-time low of 84.4925 hit on Thursday.It was at 84.4925 at 11:50 a.m.

While the RBI has said it aims to ensure the market is "liquid and deep and functioning in an orderly manner," the interventions have led to the rupee's overvaluation against the currencies of India's major trading partners.

State-run banks were spotted offering dollars, on behalf of the RBI, with traders pointing "especially strong" offers near the 84.50 level.