New Delhi, The Indian rupee fell to a record low of Rs 84.41 against the dollar in foreign exchange trading yesterday.
The rupee appreciated by 9 paise as the Reserve Bank of India (RBI) asked banks to refrain from speculating against the country’s currency.
Since the US presidential election is approaching, the dollar has started strengthening against many currencies internationally.
The DXY dollar index against international currencies rose to its highest level since November 2022 at 108.09 yesterday.
In addition, foreign investors withdrew nearly Rs 33,000 crore worth of investment from Indian markets in November, which led to a fall in the rupee.
Indian Rupee Depreciates 0.5% in November
Other Asian Currencies Decline 0.9%-2.2%
The dollar appreciated significantly yesterday due to the weakness of the euro and pound. As a result, the rupee fell to 84 rupees 41 paise.
The Reserve Bank of India (RBI) sold a portion of its dollar holdings, preventing the rupee from falling further.
It was also reported that the Reserve Bank of India (RBI) has warned banks not to speculate against the Indian rupee in currency trading.
This also helped the rupee recover slightly from its decline.
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