Rupee Hits Record Low As Outflows Persist, Depreciation Bias Firms On Fall Past 90

MUMBAI, Dec 4 (Reuters) – The Indian rupee hit a record low on Thursday, deepening its slide past the 90 per dollar mark, as foreign investors continued to pull out of local stocks and depreciation bias on the currency firmed after it breached the key psychological level.

The rupee weakened to 90.41 against the U.S. dollar, eclipsing its previous all-time low of 90.29 hit on Wednesday.

The rupee is one of Asia’s worst performers, having fallen more than 5% against the dollar year-to-date, as steep U.S. tariffs of up to 50% on Indian goods hurt exports to its biggest market while also diminishing the appeal of local equities for foreign investors.