Indian rupee slips to record low

MUMBAI: The Indian rupee slipped to an all-time low on Monday, pressured by weakness in regional currencies and sustained outflows from local equities but central bank intervention helped avoid sharp losses, traders said.

The currency ended at 84.3925, eclipsing its previous record low of 84.3875 hit last week. The currency was down 0.02% on the day.

Dollar demand from oil companies and foreign banks, likely on behalf of custodial clients, kept the rupee under pressure, a salesperson at a foreign bank said.

Overseas investors have pulled out a net of about $2.5 billion from Indian stocks over November so far, adding to the $11 billion of outflows in October.