Indian Rupee Drops To New Lifetime Low On Speculative, Corporate Flows

The Indian rupee fell to a new lifetime low on Tuesday, pressured by a mix of speculative positioning and corporate dollar demand, traders said.

The Indian central bank is likely selling U.S. dollars to keep the rupee from sliding past 90, traders said, with corporate dollar demand, patchy exporter supply and speculative positioning contributing to the currency’s weakness.

The rupee declined to 89.76 to the U.S. dollar, inching past the all-time low of 89.7575 hit on Monday. The currency was down about 0.24% on the day.