The Indian rupee is likely to dip to a lifetime low on Thursday in wake of the dollar and U.S. rates extending their post-U.S. election rally. The 1-month non-deliverable forward indicated that the rupee will open at 84.

Forex traders said the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.

Rupee hits all-time low against US dollar due to foreign outflows, inflation, and strong dollar demand, on November 14, 2024

The Indian rupee touched its all-time low on Tuesday, pressured by the dollar's rise to a more than four-month peak and on likely outflows from local equities. The rupee hit a low of 84.4125 before ending at 84.

The Indian Rupee hit a new all-time low of 84.40 against the US dollar due to foreign fund outflows and a strong US currency. Despite the RBI's efforts to stabilize the rupee, factors like weak Q2 earnings and overvalued Indian stocks have led to significant foreign investment withdrawals.

Rupee hits lifetime low against dollar, expected to trade between 83.80 and 84.50, influenced by foreign fund outflows.