The Reserve Bank of India sold dollars ahead of the opening of local spot markets on Thursday to support the rupee, three traders said.
The rupee today fell to 91.98/dollar, surpassing the previous all-time low of 91.9650 hit last week, as persistent foreign capital outflows and a rush by corporates to hedge against further depreciation dampened bullish impulses in the domestic economy. The one-month non-deliverable forward market had shown possible signs of crossing the $92/$92 level.
The currency has fallen 2% so far this year and lost about 5% after US President Donald Trump imposed heavy tariffs on India’s exports to its biggest market.
