Rupee slips to all-time low as pressure from equity outflows persists
MUMBAI, Nov 8 (Reuters) -The Indian rupee weakened to its lowest level on record on Friday, pressured by sustained outflows from local stocks but likely intervention by the Reserve Bank of India helped limit losses, traders said.
The rupee INR=IN declined to a low of 84.38, inching past its previous all-time low of 84.3775 hit on Thursday.
The currency was last quoted at 84.3725 as of 3:05 p.m IST.
Foreign banks were spotted bidding for dollars, most likely on behalf on custodial clients, traders said.
Overseas investors have pulled out over $1.5 billion from Indian stocks over November so far, adding to the $11 billion of outflows in October.
The dollar index was slightly higher at 104.4 while Asian currencies were mixed. The offshore Chinese yuan CNH=, a closely watched peer of the rupee, was down nearly 0.3% on the day.
Reporting by Jaspreet Kalra; Editing by Janane Venkatraman
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