Rupee breaches 85/$ for 1st time on Fed's comment of fewer rate cuts in future

The Indian rupee fell to a record low against the US dollar, crossing the 85 mark for the first time. This drop was influenced by the US Federal Reserve's indication of fewer-than-expected future rate cuts. While the decline makes imports costlier and benefits NRI remittances, its impact on export competitiveness is debated.

Dec 20, 2024 - 01:30

Rupee breaches 85/$ for 1st time on Fed's comment of fewer rate cuts in future

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The Indian rupee fell to a record low against the US dollar, crossing the 85 mark for the first time. This drop was influenced by the US Federal Reserve's indication of fewer-than-expected future rate cuts. While the decline makes imports costlier and benefits NRI remittances, its impact on export competitiveness is debated.