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The Indian rupee logged its worst day against the dollar in nearly three weeks on Wednesday, pressured by foreign outflows, while weakness in regional peers following hotter-than-expected inflation data in the United States also weighed.
The rupee closed at 82.8625 to the dollar, down from its previous close of 82.7675, recording its biggest single-session decline since Feb. 23.
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The local unit was under pressure due to an outflow of around $2 billion pertaining to British American Tobacco’s stake sale in Indian conglomerate ITC, traders said.
“The outflows because of a block deal is, of course, a temporary blip,” said Jigar Trivedi, senior research analyst –…
