Rupee hits record low as US dollar climbs, portfolio outflows continue

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Rupee hits record low as US dollar climbs, portfolio outflows continue - Business Standard

Quick Summary:

Rupee weakened to 84.4975 per US dollar in early trading on Friday, eclipsing its previous all-time low of 84.

The dollar has rallied more than 3 per cent since the Nov 5 US presidential election on bets that Trump's policies could reignite inflation and temper the Federal Reserve's future rate cuts.

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.