Indian rupee hits record low, market watches for RBI’s intervention


The Indian rupee weakened on Tuesday, to touch a record low of 77.73 versus the dollar, tracking broad gains in the U.S. currency alongside weakening in offshore markets, with traders watching the domestic share market for clues to fund flows.

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The partially convertible rupee was trading at 77.73/74 to the dollar by 0358 GMT, versus Friday’s close of 77.45. The 1-month non-deliverable forward was trading at 77.96/97 to the dollar.

Indian share markets were trading up 0.7% with all eyes on the listing of state-run Life Insurance Corp, the country’s biggest IPO, set for later in the session. 

Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.

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