Why in news The rupee fell to a record low of 85.80 against the dollar , the steepest drop in nearly two years, before recovering slightly...
Why in news
The rupee fell to a record low of 85.80 against the dollar, the steepest drop in nearly two years, before recovering slightly to close at 85.48.
The decline was driven by high month-end dollar demand from banks and importers, rising U.S. bond yields, and sustained foreign fund outflows.
The RBI's decision to hold on to dollar payments added to the greenback shortage, worsening the rupee’s fall.
Higher crude oil prices also contributed to the rupee's weakness, increasing India's import costs.
COMMENTS