An on time opening in Q1 2027 anticipated
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The Indian rupee was hovering near its all-time low on Wednesday, wedged between weakness in local equities and dollar sales by state-run banks.
The rupee was at 22.998 against the UAE dirham (84.4050 against the US dollar) as of 9.15am UAE time, nearly unchanged from its close at 22.995 in the previous session. The currency declined to a record low of 23 against the UAE dirham on Tuesday.
Most Asian currencies rose, with the Chinese yuan up 0.1 per cent aided by firmer-than-expected official guidance by the Chinese central bank.
The dollar index was hovering just shy of the 106-handle after hitting an over six-month high boosted by a rise in US bond yields as investors continued to price in US President-elect Donald Trump's policies of lower taxes and trade tariffs.
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The rupee has slumped to record lows for the last five trading sessions, pressured by a rally in the dollar index and persistent outflows from local equities.
India equity markets "have witnessed strong foreign portfolio outflows on high valuation concerns, softening corporate earnings and a portfolio rebalancing push," DBS Bank said in a note.
Foreign investors have net sold about $3 billion of Indian stocks over November so far, adding to previous month's $11 billion outflows. Indian equity indexes have fallen over 9 per cent since their peak in late September.
While the rupee has remained under pressure for more than a month, routine interventions by the central bank have ensured a gradual decline and kept volatility muted, a senior trader at a foreign bank said.
The Indian currency is down 0.4 per cent so far in November, outperforming most regional peers.
Investors await US consumer inflation due later in the day to gauge the future path of the Federal Reserve's policy rates.
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