Market News
Rupee drops on hedging, portfolio outflow-spurred dollar bids - REUTERS
MUMBAI, May 15 (Reuters) - The Indian rupee weakened in early trading on Thursday, weighed by dollar bids on account of corporate hedging and portfolio outflows, traders said, even as its regional peers benefited from broad weakness in the greenback.
The rupee declined 0.5% to 85.67 against the U.S. dollar, as of 10:20 a.m. IST.
Asian currencies were mostly stronger, with the Taiwan dollar and Korean won leading gains, as investor focus remained on U.S. trade deals amid speculation that the negotiations may involve foreign exchange policies.