Rupee dips to lifetime low on dollar bids by foreign banks

Rupee dips to lifetime low:  rupee dropped to an all-time low on Monday, weighed down by persistent dollar demand from foreign banks, likely for ir clients.

rupee dipped to a lifetime low of 84.0725 to US dollar, inching past prior low of 84.07 hit on Friday. local's currency drop past 84 came after it spent more than two months near to that level.

weakness in Asian peers amid disappointment over China stimulus also weighed on rupee, trers said.

Equity market opens positive

On or hand, domestic shares opened slightly higher on Monday, led by gains in IT firm Wipro on plans for a bonus share issue, while domestic inflation print remains in focus for clues about timing of a possible interest rate cut.

Nifty 50 index was up 0.3 per cent at 25,049 points as of 9:36 am, while S&P BSE Sensex rose 0.4 per cent to 81,696.

blue-chip indexes have fallen for two consecutive weeks due to worries over an escalation in Middle East conflict, slowing corporate earnings and foreign outflows.