The Indian rupee hit a record low against the US dollar due to foreign investors selling their holdings and strong demand for the dollar. The Reserve Bank of India has been intervening to support the rupee, leading to a decline in India's foreign exchange reserves. High inflation and concerns about China's economy also weighed on investor sentiment.
The Indian rupee closed nearly unchanged on Wednesday, as dollar sales by state-run banks helped the currency withstand pressure from equity outflows and persistent strength in the U.S. dollar.
The Indian rupee hit a new all-time low against the US dollar, driven by foreign fund outflows and a strong dollar index. Despite the Reserve Bank of India's intervention, the rupee weakened to 84.40 per dollar. High inflation and rising crude oil prices further contributed to the pressure on the currency.
The rupee hit a low of 84.4125 before ending at 84.3925, unchanged from its closing level in the previous session. The currency has fallen to record lows for five straight sessions.
The Indian Rupee hit a new all-time low of 84.40 against the US dollar due to foreign fund outflows and a strong US currency. Despite the RBI's efforts to stabilize the rupee, factors like weak Q2 earnings and overvalued Indian stocks have led to significant foreign investment withdrawals.
Dollar demand from oil companies and foreign banks, likely on behalf of custodial clients, kept the rupee under pressure, a salesperson at a foreign bank said.
The Indian rupee hit a new low against the US dollar, driven down by concerns about the impact of Trump's election victory and foreign investor withdrawals from Indian stocks. The Reserve Bank of India intervened in the market to support the rupee, leading to a decline in India's foreign exchange reserves.
The Indian rupee hit a record low against a surging US dollar as investors anticipate a boost to the American economy from Donald Trump's policies. Despite interventions by the Reserve Bank of India, the rupee weakened further, fueled by foreign investors pulling money out of Indian stocks.