MUMBAI (Reuters) – The Indian rupee slipped to its all-time low on Tuesday pressured by greenback demand from overseas banks and importers, together with native oil firms, merchants stated.
The rupee hit a low of 84.4150, eclipsing its earlier file low of 84.4125 hit final week. The foreign money was final quoted at 84.4075 as of 1:35 p.m. IST.
Seemingly intervention by the Reserve Financial institution of India helped the foreign money keep away from additional losses with state-run banks noticed intermittently providing {dollars}, merchants stated.
The greenback index was a tad greater at 106.3 whereas Asian currencies trimmed early features to commerce combined. The offshore Chinese language yuan was down 0.2% whereas the Malaysian ringgit rose almost 0.3%.
State-run banks are providing {dollars} in a “hovering form of manner,” so sharp declines stay unlikely, a dealer at a big non-public financial institution stated.
(Reporting by Jaspreet Kalra; Enhancing by Eileen Soreng)