Rupee dips to lifetime low on dollar bids by foreign banks

The Indian rupee dropped to an all-time low on Monday, weighed down by persistent dollar demand from foreign banks, likely for their clients.

The rupee dipped to a lifetime low of 84.0725 to the U.S. dollar, inching past the prior low of 84.07 hit on Friday. The local’s currency drop past 84 came after it spent more than two months near to that level.

The weakness in Asian peers amid disappointment over China stimulus also weighed on the rupee, traders said.