Rupee slips 46 paise against $, biggest 1-day fall in 2 weeks – The Times of India

MUMBAI: The rupee witnessed its sharpest single-day fall in two weeks on Monday, closing at 87.33 against dollar, down 46 paise from Friday’s 86.87. The decline, driven by dollar bids due to the maturity of non-deliverable forwards (NDF) positions, was further pressured by weakness in the Chinese yuan. This marked a 0.5% drop, the steepest since Feb 25, when the rupee posted its best weekly gain in two years.
Other Asian currencies also weakened, with losses between 0.1% and 0.3%. The dollar index edged up to 103.7 after hitting a four-month low last week. Concerns over US tariffs and a slowing economy dampened investor sentiment. The Philippine peso was the only gainer among Asian peers, while the Indonesian rupiah, Singapore dollar, Malaysian ringgit and Thai baht declined.
The rupee faced selling pressure, but dollar sales by two large private banks helped limit losses. Safe-haven currencies like the Japanese yen and Swiss franc gained as investors remained wary of a slowing US economy and a possible global trade war. Despite a weaker US dollar, the rupee failed to gain support as a sell-off in domestic equities weighed on sentiment.
The rupee remains Asia’s worst-performing currency this year, weakened by portfolio outflows and global factors. Traders await US and Indian inflation data for policy cues. The dollar index fell 0.2% to 103.7, while Brent crude futures rose 0.3% to $71 per barrel.