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 further decline. Dollar-rupee forward premiums increased to 1.83%, their highest since February. Global focus includes upcoming policy decisions from the U.S. Federal Reserve, Bank of England, and Bank of Japan.
Indian Rupee Hits Record Low Amid Market Pressures
American one hundred dollar bill and Indian paper currency banknote a backgrounds.