MUMBAI, Jan 13 Reuters The Indian rupee slumped to a fresh all timelow and logged its biggest singleday decline in nearly two years on Monday, bogged down by a surging U.S. dollar, likely outflows from local equities and limited intervention from the central bank.

The rupee declined to 86.5825 before ending the session at 86.5750, down 0.7 on the day. The last time it fell this much was in February 2023.

The local currency has declined over 2 since December on worries over India39;s slowing growth and expectations that central bank may cut rates as soon as February.

The rupee39;s slide can continue for some time as negative factors have stacked up quite a bit unless the central bank announces some measures, said Anshul Chandak, head of treasury at RBL Bank.

Chandak reckons the 87 handle is just around the corner, for the rupee and expects the Reserve Bank of India RBI to use its diminished reserves cautiously.

India39;s foreign exchange reserves dropped to 634.6 billion in the week through Jan. 3, an over 10month low, and down 70 billion from a peak hit in late September.

The country39;s FX reserves saw the biggest drawdown in percentage terms in Asia in December, as per Nomura39;s calculations.

The RBI has been intervening to slow down the rupee39;s decline, selling dollars in the spot and the forward market.

The RBI sold dollars on Monday, but less aggressively than previous episodes of sharp rupee weakness, traders said.

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The rupee39;s…