Rupee Slumps to New Low of 90.58 Against Dollar Amid Uncertainty Over India-US Trade Deal

The Indian rupee depreciated 9 paise to an all-time low of 90.58 against the US dollar in early trade on Monday, weighed down by uncertainty over the India-US trade deal and persistent foreign fund outflows. The rupee is trading with a negative bias, awaiting cues from the India-US trade deal front. Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, and the RBI has been selling dollars to fund their long positions. Brent crude, the global oil benchmark, was trading higher by 0.52% at USD 61.44 per barrel.