The Indian rupee reached a historic low against the US dollar, extending its decline for the second consecutive day as economic challenges and global market trends weighed heavily on the currency.
The dollar index surged to a two-year high of 109.72, buoyed by robust US bond yields, which have strengthened the dollar against major currencies. In India, the rupee’s depreciation is attributed to several factors, including rising crude oil prices, persistent foreign capital outflows, and a downturn in domestic stock markets.
Key indices such as the BSE Sensex and NSE Nifty recorded notable losses, reflecting investor concerns over market volatility and global economic uncertainty. Adding to the pressure, the Reserve Bank of India (RBI) recently reported a decline in the country’s forex reserves, further straining the rupee’s position.
Economists suggest that the rupee’s continued slide could increase import costs, particularly for crude oil, and widen the trade deficit, posing challenges for policymakers. In response, market watchers anticipate potential interventions by the RBI to stabilize the currency and mitigate its impact on the broader economy.
As global markets remain volatile, the Indian rupee’s performance will likely hinge on international economic developments and domestic efforts to strengthen economic fundamentals.
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