Indian rupee drops to all-time low against US dollar

MUMBAI: The Indian rupee dropped to a lifetime low versus the U.S. dollar at open on Thursday, bogged down by higher U.S. Treasury yields and the dip in most Asian peers.

The rupee was quoting at 85.2400 to the U.S. dollar - a record low - compared to 85.20 on Tuesday. India’s financial markets were off on Wednesday.

Indian rupee ends flat

The 10-year U.S. Treasury yield rose to the highest since late May on Tuesday. The dollar index was not too far from the year-to-date high while the offshore Chinese yuan dropped to 7.3070 to the dollar.