The Indian rupee slipped to its all-time low on Friday as the dollar stood firm ahead of closely watched U.S. labour market data, keeping regional currencies on the defensive. The rupee weakened to 85.

MUMBAI: The rupee sank closer to the 86 level, recording its tenth consecutive week of decline against the dollar. The local currency closed at 85.97 against the greenback, down 12 paise from Thursdays' close of 85.

The Indian government has admitted to a significant miscalculation in its import figures for precious metals, an error that had inflated the trade deficit to a record level in November and contributed to a sharp decline in the value of the rupee.

India on Thursday said it has revised its trade data for precious metals after a detailed examination found that November gold imports witnessed an “unusual surge” owing to technical glitches.

India sharply lowered its April-November 2024 gold import estimate by $11.7 billion on Thursday after precious metal trade figures were miscalculated due to some double counting.