Indian rupee hits record low

The Indian rupee plunged to a record low of 84.7425 against the US dollar on Tuesday, driven by a combination of factors including a stronger dollar and concerns over India’s slowing economic growth.

The rupee’s decline comes amidst a broader weakness in Asian currencies, with the offshore Chinese yuan hitting a one-year low. The US dollar index climbed to 106.50, benefiting from a weakening euro.

Currency traders noted that the rupee’s recent decline has been relatively unimpeded, suggesting either limited intervention by the Reserve Bank of India (RBI) or overwhelming dollar demand.

Attribution: Reuters

Subediting: M. S. Salama