The Indian rupee fell to a record low of 77.73 against the dollar on Tuesday, reflecting broad advances in the US currency amid weakness in offshore markets, with traders looking for indications to capital movements in the domestic share market.
By 0358 GMT, the partially convertible rupee was trading at 77.73/74 per dollar, down from Friday’s close of 77.45. The 1-month non-deliverable forward traded at 77.96/97 cents on the dollar.
Indian stock markets were up 0.7 percent, with all eyes on the country’s largest IPO, state-run Life Insurance Corp, which is due to list later in the session.
Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.
Inputs Taken From Reuters
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