Indian rupee’s fall to near record low fuels more hedging by exporters

Indian exporters are hedging far more of their future foreign currency receipts as they cash in on the rupee's decline to near record low levels, data shows. Last Monday, the rupee slipped below the psychological level of 83 per U.S. dollar for the first time since October 2022, when it hit a record low of 83.29. Indian exporters last Monday and Thursday hedged a total $3.6 billion via forwards, data from clearing house CCIL shows.