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Indian rupee dips below 90 per US dollar mark for 1st time
It dropped to a record low of 90.13 against the US dollar, breaking its previous all-time low of 89.9475 touched a day earlier.
The Indian rupee fell sharply yesterday, dipping below past the crucial 90-per-US dollar level for the first time.
It dropped to a record low of 90.13 against the US dollar, breaking its previous all-time low of 89.9475 a day earlier.
The sharp fall in the rupee came amid weak trade and portfolio flows, restrained intervention by the central bank as well as the lack of clarity over a India-US trade deal.
The sharp fall in the rupee amid weak trade and portfolio flows, restrained intervention by the central bank as well as the lack of clarity over a India-US trade deal also weighed on domestic equity markets.
The development raised concerns about inflation and foreign investor activity.
The Reserve Bank of India’s monetary policy is expected to announce the interest rate decision on December 5.
Fibre2Fashion News Desk (DS)