Market News
Rupee logs biggest slide in two years on dollar's surge, limited central bank presence - REUTERS
By Jaspreet Kalra and Nimesh Vora
MUMBAI, Jan 13 (Reuters) - The Indian rupee slumped to a fresh all time-low and logged its biggest single-day decline in nearly two years on Monday, bogged down by a surging U.S. dollar, likely outflows from local equities and limited intervention from the central bank.
The rupee declined to 86.5825 before ending the session at 86.5750, down 0.7% on the day. The last time it fell this much was in February 2023.
The local currency has declined over 2% since December on worries over India's slowing growth and expectations that central bank may cut rates as soon as February.
