Rupee hit all-time low against US dollar on Tuesday
The Indian rupee hit an all-time low against the US dollar on Tuesday following the US H-1B visa fee hike, while rising worries over the steep US tariffs on Indian goods and global trade uncertainties have also kept the rupee under pressure. Moreover, foreign fund outflows also added pressure on rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 2,910.09 crore on Monday, exchange data showed. Traders took note of survey showed India's private sector growth in September cooled from August's multi-year high as softer demand tempered new orders and failed to translate into faster job creation. HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 61.9 in September from a final reading of 63.2 in August.
The partially convertible currency is currently trading at 88.66, weaker by 38 paise from its previous close of 88.28 on Monday. The currency touched a high and low of 88.67 and 88.4150 respectively.
