Rupee skids towards record low again on corporate dollar demand

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MUMBAI: The rupee inched closer to record low against the greenback on Thursday, as climbing oil prices eroded sentiment, while traders pointed to corporate demand for dollar and outflows on defence-related payments that weighed on the local currency.
The partially convertible rupee fell to 81.88 per dollar, compared to its close of 81.52 on Tuesday. Financial markets were shut on Wednesday for a holiday.
Outflows due to defence-related payments and oil importers bidding for dollars accelerated the rupee’s slide, said Mumbai-based traders.
Speculative and importer demand for dollars on worries that the rupee could slide below 82 in the coming days added to the local’s unit’s troubles, said a different trader at a private bank.
Oil prices hovered near $94 per barrel after the producer club OPEC+ decided on output cuts. Oil has gained around $10/bbl since last week after worries…

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