Rupee hits over decade low as oil shock and foreign outflows bite

Foreign money is fleeing even as investors eye bargains

The Indian rupee has slid to its weakest level in more than a decade, pressured by surging crude oil prices and sizable foreign portfolio outflows. While some analysts believe the currency is undervalued and could offer opportunities for long-term investors, a quick bounce looks unlikely. Rising import demand and broad risk aversion continue to weigh on near-term recovery.