(Bloomberg) -- India’s rupee weakened past 75 to a dollar to a new low as outflows from the nation’s stocks and bonds accelerated amid a global rout in risk assets.
The rupee retreatd 1% to 75.0112 to go past the key psychological 75 level for the first time. Traders cited state-run banks selling dollars in a bid to ease the currency’s drop.
Foreigners have been exiting local stocks and bonds at a record pace, pulling out $10 billion so far this month. The central bank has been using its record foreign reserves to stem the rupee’s decline. The Reserve Bank of India provided $2 billion of dollar liquidity via a forex swap on Monday and will provide a similar line on March 23.
