Overview
- The currency touched a fresh intraday low around 91.19–91.28 in early trade Wednesday after a record close of 90.97 on Tuesday.
- Foreign portfolio investors have withdrawn more than $2.7 billion from Indian markets this month, according to NSDL data, intensifying pressure on the rupee.
- Traders pointed to strong dollar demand from metal importers, which lifted corporate buying of the greenback.
- Domestic equities remained weak, with the Sensex opening lower on Wednesday after a 1,065-point slump the previous session, further souring sentiment.
- Market participants reported intermittent RBI action near the 91 level to moderate the pace of depreciation, while expecting continued volatility ahead of the Feb. 1 Union Budget and the upcoming US Fed decision.