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The Reserve Bank of India (RBI) likely sold dollars on Monday to stabilize the rupee. The Indian currency hit an all-time low of 86.39 per U.S. dollar in early trade. Traders reported that state-run banks were seen offering dollars, likely on RBI’s instructions. Rupee Hits Record Low The rupee slumped to 86.39, its weakest level …
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The Indian rupee hit a record low on Wednesday. It fell to 84.9550 against the U.S. dollar before closing at 84.9525, down 0.07%. Strong dollar demand from importers and outflows from local equities added pressure. Weakness in regional currencies further weighed on the rupee. This trend came ahead of the U.S. Federal Reserve’s policy decision. …
Continue reading “Indian Rupee Hits Record Low Amid Strong Dollar Demand”
