Market News
Rupee hits record low, forward premiums surge on weakening bias - REUTERS
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 kept pulling out of local stocks and the depreciation bias firmed after a breach of the key psychological level.
The rupee weakened to 90.42, eclipsing its previous all-time low of 90.29 hit on Wednesday.
The rupee is one of Asia's worst performers, down more than 5% against the dollar year-to-date, as U.S. tariffs of up to 50% on Indian goods have hurt exports to the country's biggest market while diminishing the appeal of local equities.
