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India-owned Tata Steel had been losing £1 million a day
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Indian rupee drops against UAE dirham in early trade
Persistent foreign fund outflows weighed on the local unit, forex traders say
Photo: Reuters file
The rupee depreciated 4 paise to 83.32 against the US dollar (23.1 against UAE dirham) in the morning session on Monday, tracking a negative trend in domestic equities.
Persistent foreign fund outflows also weighed on the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.31 against the dollar. It touched a low of 83.32 in initial deals, registering a fall of 4 paise over its previous close.
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