Rupee hits fresh low of 90.43/USD as outflows persist

The rupee on Thursday opened weaker, above 90 to the dollar level for the first time, and hit an intraday low of 90.43 in trading so far.

Factors such as continued FPI outflows from the equity markets, importer demand, lack of visibility on a trade deal with the US, widening trade deficit, and restrained RBI intervention continue to affect the Indian currency.

The rupee opened weaker at 90.3650 per USD against previous close of 90.19. Its last trade price was 90.3050 and the intraday high so far was 90.2525, per CCIL data.

Madhavi Arora, Chief Economist, Emkay Global Financial Services, said, “The rupee’s weakening bias will continue, with the policy preference also seemingly having shifted towards a weaker currency to offset the tariff hit. USDINR could trade in the 88-91 range till en