Rupee breaches 89/$ mark, worst 1-day drop since May
The Indian rupee plummeted to a record low of 89.49 against the dollar on Friday, experiencing its sharpest fall since May. This decline was driven by strong dollar demand, portfolio outflows, and concerns over US sanctions on entities facilitating Iranian oil sales. Despite the RBI’s stance on not targeting specific levels, intervention occurred after the 89 mark was breached.๐ 1 min read
The Indian rupee plummeted to a record low of 89.49 against the dollar on Friday, experiencing its sharpest fall since May. This decline was driven by strong dollar demand, portfolio outflows, and concerns over US sanctions on entities facilitating Iranian oil sales. Despite the RBI’s stance on not targeting specific levels, intervention occurred after the 89 mark was breached.
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