Rupee slumps 28 paise to 90.43 against US dollar

MUMBAI: (Dec 4) The rupee slumped 28 paise to an all-time low of 90.43 against the US dollar in early trade on Thursday, amid substantial foreign institutional investor outflows and restrained intervention from the Reserve Bank of India.

Forex traders said that restrained central bank intervention ahead of the crucial Monetary Policy Committee (MPC) decision and significant dollar demand from importers have exerted persistent downward pressure on the local currency.

At the interbank foreign exchange market, the rupee opened at 90.36. It slipped further to a record low of 90.43 against the greenback in initial deals, registering a loss of 28 paise from its previous closing level.