Rupee dips to near 9-month low on dollar outflows

Rupee weakened in early trade today to levels not seen in nearly nine-months due to bunched up dollar outflows following a local forex market holiday on Friday.

Rupee weakened in early trade on Monday to levels not seen in nearly nine-months due to bunched up dollar outflows following a local forex market holiday on Friday.

HT Image

Shares had fallen nearly 2% last Friday to log their fourth straight weekly loss, their longest weekly losing streak since the Lehman collapse in 2008, as fears of United States sliding into a recession triggered a safe-haven flight globally.

At 9.12am (0342 GMT), the partially convertible rupee was at 46.08/09 per dollar, 0.75% weaker from its 45.735/745 close on last Thursday.