Rupee Hits All-Time Low Amid Rising Global Pressures
The Indian rupee hit a record low against the US dollar, closing at 88.76, driven by a strong dollar, rising crude prices, and global trade uncertainties. However, selling activity by exporters and potential RBI intervention softened the fall. Market observers await US economic data and negotiations between India and the US.
- Country:
- India
The Indian rupee experienced a slight decline, closing at a record low of 88.76 against the US dollar as a robust greenback and tepid domestic markets applied pressure.
Forex analysts highlighted that an ongoing hike in H1-B visa fees in the US coupled with increasing crude oil prices were significant factors in the rupee's downturn. Concerns linger over global trade uncertainties and the potential repercussions of higher US visa fees on Indian IT exports.
Despite these pressures, selling from exporters and possible Reserve Bank of India intervention prevented sharper declines. Observers suggest the central bank may be strategizing measured depreciation. Meanwhile, Commerce Minister Piyush Goyal is engaging in critical trade talks in the US.
(With inputs from agencies.)
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