Indian Rupee Drops to Another Record Low as Foreign Funds Exit
- Foreigners pulled nearly $30 billion from stocks this year
- Worsening external finances and stronger dollar also weighing
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The Indian rupee touched another record low as foreign investors continued to sell the nation’s equities.
The rupee declined to as low as 80.06 per dollar on Tuesday before reversing losses as traders cited possible central bank intervention. The currency has been buffeted by nearly $30 billion of foreign outflows from the nation’s equities so far this year -- a record sum -- and concerns over a deteriorating current-account deficit amid elevated oil and commodity prices.