Indian Rupee Hits Record Low Amid Market Pressures
On Monday, July 29, the Indian rupee fell to a record low of 83.74 against the U.S. dollar, before closing at 83.7275, unchanged from Friday. Month-end corporate dollar demand and outflows from local equities contributed to the rupee’s weakness. The Reserve Bank of India (RBI) likely intervened by selling dollars through state-run banks to prevent … Read more