The Indian rupee hit document low for the third consecutive session because it opened weaker on Wednesday, persevering with its downward slide following the US greenback gaining energy on the heels of updates on the US presidential election. The rupee opened at 84.16, marking a recent low in comparison with Tuesday’s shut of 84.1075, and surpassing its earlier all-time low of 84.1225 hit earlier this week. The Indian Rupee slid 6 paise at market open.
The greenback strengthened throughout the board as election updates confirmed Republican candidate Donald Trump main over Democratic candidate Kamala Harris, spooking international markets. The continuing uncertainty surrounding the US elections has exacerbated danger aversion amongst buyers, inflicting capital outflows and a surge in demand for US {dollars}.
On Tuesday, the rupee closed flat at 84.109, after a risky buying and selling session that noticed it open at 84.13, one other historic low. Foreign exchange analysts had anticipated a continuation of the foreign money’s decline as international components, such because the US election and overseas portfolio investor outflows, continued to exert strain on the foreign money. FPI outflows, particularly from Indian equities, have triggered demand for {dollars}, as buyers reposition portfolios amid election jitters.