MARKET NEWS
Rupee declines to lifetime low hurt by weak yuan, NDF dollar bids - REUTERS
MUMBAI, Dec 11 (Reuters) - The Indian rupee weakened to its record low on Wednesday pressured by a slide in the Chinese yuan and heightened dollar bids in the non-deliverable forwards (NDF) market but central bank intervention helped limit losses.
The rupee hit a low of 84.8650 against the U.S. dollar before closing at 84.83, up marginally on the day.
The rupee has weakened 0.4% in December, underperforming many of its regional peers as concerns over slowing economic growth and the appointment of a new RBI chief has fuelled expectations of rate cuts next year, hurting the local unit.
