Uncertainty over the timing of the U.S.–India trade deal is fuelling rupee volatility and the absence of a quick agreement could push the currency to as low as 92 per dollar, the head of treasury at HDFC Bank said.

The rupee fell to an all-time low of 90.42 on Thursday, extending an eight-month-long slide that has made it Asia’s worst-performing currency. Multiple headwinds, from a wider trade gap to weak investment flows, have sapped dollar inflows into the world’s fifth-largest economy.

“The current account deficit is increasing, there are outflows from local equities so in the genuine supply side (of dollars) there is an issue which is coming in," said Arup Rakshit, group head of treasury at HDFC Bank, India’s biggest private lender by market capitalisation.

Economists at the bank ex

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