Rupee dips to lifetime low on dollar bids by foreign banks

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

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

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

Equity market opens positive

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

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

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