Rupee slips to record low, pressured by slide in local equities

The Indian rupee declined to weakest level on record on Monday as persistent outflows from local stocks continued to pressure the currency even as most its Asian peers benefited from a weak U.S. dollar.

The rupee slipped to its all-time low of 84.1050 against the dollar, inching past its previous record low of 84.0950 hit last week.

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The benchmark BSE Sensex and Nifty 50 equity indexes were down more than 1.5% each on the day, pressured by likely selling by overseas investors and caution ahead of the U.S. presidential election outcome.

Asian currencies were mostly higher on the day, while the dollar index dipped 0.2% to 103.7.