Rupee Hits All-Time Low of 86.27 Against US Dollar in Early Trade
Rupee Hits All-Time Low of 86.27 Against US Dollar in Early Trade
The Indian rupee crashed 23 paise to reach a life-time low of 86.27 against the US dollar in early trade on Monday. This significant drop follows a 14-paise decline on Friday, which saw the currency breaching the crucial 86.00-mark (provisional) for the first time.
The continued slide of the rupee is attributed to mounting pressure from a stronger US dollar and substantial outflows of foreign funds from Indian markets. Analysts suggest that the strengthening of the US currency, coupled with global economic uncertainties, has added to the downward pressure on the rupee.
The persistent depreciation has raised concerns about the impact on import costs and inflationary pressures, with further developments being closely monitored.
