The Indian rupee hit an all-time low on Thursday, pressured by likely foreign capital outflows from local stocks and a renewed strength in the dollar, as investors reduced hopes of aggressive interest rate cuts by the American Federal Reserve.
The rupee fell as low as 84.4225 in early trade and was quoted at 84.4150 at 09:30 IST, unchanged from its closing level in the previous session.
The Reserve Bank of India's likely intervention helped the currency limit its losses, with traders citing strong dollar offerings from state-owned banks.
India's benchmark stock indices, the BSE Sensex and the Nifty 50 were down around 0.5% each on the day. [.BO]
Indian stocks were pressured by sharp declines in shares of listed entities of the Adani Group after its billionaire chairman was indicted in New York for his involvement in an alleged multibillion-dollar corruption and fraud scheme.
The dollar index was at 106.5 after rising 0.4% on Wednesday, while the rupee's Asian peers were mostly range-bound.
