Indian Rupee Falls To Record Low Against US Dollar-Check Details

Indian rupee debuted at an all-time low, spurred by news of Israeli airstrikes in Iran, causing investors to flee from risky assets and seek refuge in safer options. Opening at 83.5550 against the U.S. dollar.
Rupee Falls To Record, Iran-Israel War, Iran Attack On Israel, Global Tensions, Dollar, US Dollar

Indian Rupee Falls To Record Low Against US Dollar-Check Details (image source: Cnava)

Rupee: On Friday, the Indian rupee debuted at an all-time low, spurred by news of Israeli airstrikes in Iran, causing investors to flee from risky assets and seek refuge in safer options. Opening at 83.5550 against the U.S. dollar, it slid further from its previous record of 83.5475 and was down from 83.5375 on Thursday. Concurrently, U.S. equity futures and Asian shares dipped, while there was an uptick in demand for safe havens, particularly U.S. Treasuries, News agency Reuters reported,

RBI Intervention

Earlier on Tuesday, the Reserve Bank of India (RBI) intervened through state-run banks to stabilize the rupee's decline. preventing a larger depreciation of the rupee.
The dollar index reached a six-month high, while Asian currencies, particularly the Korean won and Indonesian rupiah, faced downward pressure. Asian equities also suffered, experiencing declines of up to 2.3 per cent.
The surge in U.S. Treasury yields, triggered by better-than-expected retail sales data for March, contributed to the strength of the dollar. The data suggested a robust economy, diminishing expectations of a Fed rate cut in the near term.

RBI’s Countermeasures

To counteract the rupee's decline amid the selloff in Asian markets, the Indian central bank reportedly sold dollars through state-run banks. The rupee the state-run banks, acting on behalf of the RBI, consistently offered dollars to stabilize the rupee, reflecting the central bank's proactive measures to manage currency volatility.
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