Rupee Hits All-Time Low; Dollar Sales by State-Run and Foreign Banks Limit Decline
The Indian rupee hit a record low of 86.6475 against the U.S. dollar on Tuesday before closing slightly higher at 86.63. This drop happened due to strong dollar demand caused by the maturing of contracts in the non-deliverable forwards (NDF) market. However, the Reserve Bank of India (RBI) likely stepped in to control the rupee’s … Read more