The Indian rupee slumped to a new record low of 77.59 against the US dollar on Thursday, tracking losses in other Asian currencies. At the interbank foreign exchange market, the Indian currency opened at 77.56 against a dollar and slipped to a low of 77.59 in the morning trade against its previous day’s close of 77.23.
The Indian currency has slumped tracking losses in other Asian peers. Foreign institutional investors have pulled money out of the Indian equities markets in recent weeks. This has led to the weakness in the Indian currency and a sharp drop in the equities markets.
Indian stock markets’ key indices, Sensex and Nifty, slumped by more than two per cent on Thursday. The key indices were trading in the red for the fifth straight session.