Indian Rupee slips to near a fresh low, hurt by outflows from local equities
- Foreign investors have withdrawn more than $2.5 billion from Indian stocks over November so far, adding to the $11 billion of outflows in October.
- "In the medium term, the rupee is expected to trade within the 83.80 to 84.50 range, as the Reserve Bank seems to cap the downside of the rupee with sufficient Forex reserves in its kitty," said Amit Pabari, CR Forex Advisors MD.
- India's foreign exchange reserves declined by $2.675 billion to $682.13 billion for the week ended November 1, the RBI said on Friday.
- The Indian Rupee could undergo a depreciation of 8%-10% against the US Dollar with Trump's return to power, even as the local currency recorded an all-time low of 84.38 on Monday, according to the State Bank of India (SBI).
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