Indian rupee slides to 8th straight record low as dollar bids spike

Currency futures, nondeliverable forwards spur greenback demand, panic buying

20241227N Indian rupee

The rupee weakened to an all-time low of 85.8075 against the U.S. dollar on Dec. 27 before settling at 85.5325. © Reuters

MUMBAI (Reuters) -- The Indian rupee fell to an all-time low on Friday, as maturing nondeliverable forwards and currency futures boosted dollar demand, while the sharp fall led to panic dollar buying by importers.

The rupee weakened to an all-time low of 85.8075 against the U.S. dollar, before intervention by the central bank helped it trim steep losses, according to traders.

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