Rupee Hits All-Time Low of 90.58 Against US Dollar Amid Trade Deal Uncertainty

Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.Also ReadStock Market LIVE: Sell off deepens; Sensex slides 390 pts, Nifty near 25,900 in broad-based sellingRupee at record low reflects failure of BJP's economic claims: AkhileshNepal likely to soon allow Indian notes above ₹100, easing travel, tourismRupee hits new low on weak sentiment amid US trade deal uncertaintyRupee hits new low of 90.56/$ on trade deal impasse; near-term pain seenBrent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data."FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.