Rupee declines to all-time low amid outflows, tepid risk
By Jaspreet Kalra
MUMBAI, July 26 (Reuters) -The Indian rupee slipped to an all-time low against the U.S. dollar on Friday amid weak risk appetite and persistent dollar demand from oil companies andcustodial banks.
The rupee INR=IN declined to 83.7250 to the dollar, slipping past the previous all-time low of 83.72 hit on Wednesday.
The local currency has remained under pressure for much of this week due to outflows of about $1 billion from domestic equities.
Alongside the outflows, dollar demand from local oil companies has pressured the currency, a foreign exchange trader at a state-run bank said.
On Friday, volatility in the Chinese yuan, which poses a potential risk to carry trades between the two currencies, and weak risk appetite added to pressure on the rupee.
Reporting by Jaspreet Kalra; Editing by Eileen Soreng
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