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Indian Rupee Hits Record Low Against Resilient US Dollar Amid Weak Fundamentals
Indian Rupee Hits Record Low Against Resilient US Dollar Amid Weak Fundamentals
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BTCCSquare news:
The Indian rupee plunged to an unprecedented 88.78 against the US dollar, marking a 3.13% year-to-date decline and 18% depreciation since 2020. Despite the DXY dollar index struggling to breach 98, the rupee shows remarkable vulnerability—a testament to structural weaknesses in India's trade balance and energy sector exposure.
Trade tensions and H1B visa restrictions compound pressures, with Mirae Asset's Anuj Choudhary forecasting potential 89.20-90.00 levels. The greenback's dominance persists even during relative weakness, underscoring its haven status as Asian currencies broadly retreat.
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