Hyundai remitting IPO proceeds weighs on rupee

Mumbai: The Indian rupee closed at a record low of 84.0725 against the US dollar on Monday, pressured by outflows from local equities and debt along with a stronger dollar index. However, likely central bank intervention in the form of dollar sales moderated the rupee's losses, traders said.

Outflows caused by Hyundai Motor routing funds to its parent in South Korea after the IPO also put pressure on the rupee, dealers said. The automaker is listing its stock in the biggest-ever IPO in the country - and the biggest initial share sale in the world in 2024.