Rupee hits new low of 85.80/$, biggest 1-day fall in 2 years

The rupee fell to a record low of 85.53 against the dollar, driven by panic dollar buying and increased demand from the month-end, leading RBI to intervene by selling dollars. Despite RBI's intervention, higher US Treasury yields, crude oil prices, and foreign fund outflows kept the rupee under pressure.

Dec 28, 2024 - 02:00
Rupee hits new low of 85.80/$, biggest 1-day fall in 2 years

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The rupee fell to a record low of 85.53 against the dollar, driven by panic dollar buying and increased demand from the month-end, leading RBI to intervene by selling dollars. Despite RBI's intervention, higher US Treasury yields, crude oil prices, and foreign fund outflows kept the rupee under pressure.
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