MUMBAI: The Indian rupee settled at a record closing low for a third consecutive session on Thursday, pressured by a firm dollar and importers’ month-end dollar demand.
The rupee ended at 85.2625 to the dollar, against 85.20 in the previous session. It hit an all-time low of 85.2825 earlier in the session.
“Importers were pretty active in the session, while trading volumes were relatively low towards the year-end,” a trader with a private bank said.
The rupee’s drop to 85 from 84 happened over two months, while the decline to 84 from 83 took nearly 14 months.
Since slipping below the 84 handle in mid-October, the rupee has been falling gradually amid concerns over India’s growth slowdown, foreign outflows, worries over US President-elect Donald Trump’s trade policies and a hawkish Federal Reserve.
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