Rupee Hits Record Low of 91.03 Amid India-US Trade Deal Delays

The rupee slid past the 91-mark for the first time on Tuesday, closing at a record low of 91.03 against the dollar amid delays in finalizing India-US trade deal and continued outflows from foreign portfolio investors (FPIs). The domestic currency ended at 91.03 against the US dollar, after hitting an intraday low of 91.08, compared to previous close of 90.73. The rupee took nine trading sessions to depreciate from 90 to 91. “The rupee breached the 91 mark amid delays and hurdles in the India–US trade negotiations, particularly around India’s red lines on agriculture and dairy products. This weighed on market sentiment. The RBI’s planned USD 5 billion buy–sell swap further added to near-term pressure on the rupee,” said Dipti Chitale, CEO, Mecklai Financial Services Pvt Ltd.