Explainer: Why rupee hit record low against US dollar
The Indian rupee hit a record low against the US dollar due to anticipated outflows and robust demand from local importers, with the central bank's role crucial in managing its value amidst broader Asian currency trends and the US dollar's strength. This marked a significant decline to 83.6650 against US dollar in the latter half of the trading session, before settling at 83.6425 primarily due to equity outflows and corporate demand for dollars.
The Indian rupee hit a record low against the US dollar due to anticipated outflows and robust demand from local importers, with the central bank's role crucial in managing its value amidst broader Asian currency trends and the US dollar's strength. This marked a significant decline to 83.6650 against US dollar in the latter half of the trading session, before settling at 83.6425 primarily due to equity outflows and corporate demand for dollars.
