The Rupee closed at a record low on Wednesday, extending an eight-month decline as weak trade and investment flows and a corporate rush to hedge against weakness sapped the currency. The rupee is one of Asia's worst performers, having fallen over 5% against the dollar year-to-date, as steep U.S. tariffs of up to 50% on Indian goods crimp exports to its biggest market, taking the sheen off its equities for foreign investors. The currency hit an all-time low of 90.29 against the dollar on Wednesday, before closing at 90.19, down nearly 0.4% on the day. The rupee's decline from 85 to 90 took a little under a year, or less than half the time it took to fall from 80 to 85. In terms of portfolio outflows, India is one of the worst hit markets globally, with foreign investors' net selling of its stocks amounting to nearly $17 billion so far this year. The weakness in portfolio investment has also coincided with a slowdown in foreign direct investment, adding to the pressure. India continues to attract gross investment flows, which reached $6.6 billion in September, but large exits from its booming IPO market have led to net outflows as private equity and venture capital firms cash out of earlier investments. Net foreign direct investment (FDI) turned negative for a second consecutive month in September, fuelled by a rise in outward FDI and repatriation of investments, the central bank, the Reserve Bank of India said in its November bulletin. The euro hit a six-week high against the dollar on Wednesday, boosted by data showing an expansion in euro zone business activity, while weaker than expected U.S. jobs data and expectations of further U.S. rate cuts weighed on the dollar. The euro was last up 0.33% at $1.166 and reached $1.1675, the highest since October 20. The Swedish crown strengthened 0.57% versus the dollar to 9.392. The dollar fell 0.54% against the Norwegian krone to 10.06 krone. The dollar index was down 0.31% to 98.99 and fell to as low as 98.88, the lowest since October 29. The greenback briefly extended losses against the euro after the ADP employment report showed that U.S. private payrolls unexpectedly declined in November. The U.S. currency has weakened in recent days on speculation that White House economic adviser Kevin Hassett will take over as Federal Reserve Chair after Jerome Powell’s term ends in May. The Wall Street Journal reported on Tuesday that the Trump administration canceled interviews that were set to begin this week with finalists to be the next Fed Chair, suggesting that Trump has already chosen Powell’s successor. The Japanese yen strengthened 0.31% against the greenback to 155.37 per dollar. Sterling strengthened 0.76% to $1.3313. Oil prices climbed 1% on Wednesday after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector. Brent crude was up 53 cents, or 0.8%, at $62.98 by 11:44 a.m. ET (1644 GMT), while U.S. West Texas Intermediate rose 62 cents, or 1.06%, to $59.26. Both contracts fell more than 1% in the previous session.......