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INDIA RUPEE-Rupee hits record low hurt by weak local equities, buoyant dollar

BY Reuters | ECONOMIC | 11/20/24 11:08 PM EST

MUMBAI, Nov 21 (Reuters) - The Indian rupee weakened to its all-time low on Thursday, pressured by likely foreign outflows from local stocks and renewed strength in the dollar as investors trimmed hopes of aggressive rate cuts by the U.S. Federal Reserve.

The rupee declined to a low of 84.4225 in early trading and was last quoted at 84.4150 as of 09:30 a.m. IST, unchanged from its closing level in the previous session.

Likely intervention by the Reserve Bank of India helped the currency limit its losses, with traders citing strong dollar offers from state-run banks.

Benchmark Indian equity indexes, the BSE Sensex and Nifty 50 were down about 0.5% each on the day.

Indian equities were pressured by sharp declines in the shares of Adani Group's listed entities after its billionaire chairman was indicted in New York over his involvement in an alleged multibillion-dollar bribery and fraud scheme.

The dollar index was at 106.5 after rising 0.4% on Wednesday, while the rupee's Asian peers were mostly rangebound.

(Reporting by Jaspreet Kalra; Editing by Eileen Soreng)

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