Rupee slips to record low as amid uncertainty over global economy, India-US trade deal

The Indian rupee fell to a lifetime low of 89.49 against the dollar due to heavy portfolio outflows and trade uncertainties. RBI Governor Sanjay Malhotra stated that the central bank does not target a specific exchange rate, attributing the rupee's weakness to strong dollar demand. The rupee also hit a record low of 12.60 against the offshore Chinese yuan.