Rupee slips on equity outflows, offshore positioning ahead of RBI policy

The Indian rupee briefly weakened to 86.02/$1 on Wednesday before recovering to close at 85.90, pressured by equity outflows and offshore NDF unwinding ahead of the RBI’s policy review. Dollar demand from foreign banks and oil firms added to the pressure. Despite RBI's likely intervention, the rupee has fallen 1.5% since last Monday, making it Asia’s worst-performing currency.