The Indian rupee is likely to dip to a lifetime low on Thursday in wake of the dollar and U.S. rates extending their post-U.S. election rally. The 1-month non-deliverable forward indicated that the rupee will open at 84.

Forex traders said the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.

The Indian Rupee hit a historic low today, largely owing to the US Dollar's rally and expected outflows from domestic equities. The INR fell to an all-time low of 84.4125 against USD before settling at 84.3925, the same as its closing number in the previous session. This is the fifth straight session that the currency has hit record lows.

Rupee hits all-time low against US dollar due to foreign outflows, inflation, and strong dollar demand, on November 14, 2024

The Indian rupee is likely to open at a lifetime low on Tuesday, weighed by the rally in the dollar index and the slump in the Chinese yuan in the wake of Donald Trump's victory in the U.S. Presidential election.

The Indian Rupee hit a new all-time low of 84.40 against the US dollar due to foreign fund outflows and a strong US currency. Despite the RBI's efforts to stabilize the rupee, factors like weak Q2 earnings and overvalued Indian stocks have led to significant foreign investment withdrawals.