Indian Rupee Hits Record Low Against US Dollar Amid Weakness in Asian Currencies and Robust Dollar Demand
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The Indian rupee dropped to its lowest level in more than three months on Friday, reaching 83.3450 against the U.S. dollar . The currency hit an intra-day low of 83.37, its weakest level since December 13 . The weakening of the rupee was attributed to the weakness in Asian currencies, sustained dollar demand from local importers, and dollar-rupee forward premiums slipping . Asian currencies weakened across the board, with the Korean won down over 1.3% . Dollar demand from local corporates ahead of the closing of India's financial year also weighed on the rupee . State-run banks were spotted 'mildly' selling dollars in early trading . Anil Bhansali, head of treasury at Finrex Treasury Advisors, stated that inflows into Indian debt and equities are likely to continue, but a change in sentime...
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