Indian Rupee Hits Record Low as Central Bank Intervenes to Limit Losses

The Reserve Bank of India actively sold dollars to stabilize the rupee, which faces pressure from global dollar demand and regional currency trends.

The Indian rupee fell to an all-time low of 84.88 against the U.S. dollar before closing slightly higher at 84.8575 on Thursday.
The Reserve Bank of India (RBI) intervened by selling dollars through state-run banks to curb further depreciation of the currency.
Heightened demand for the U.S. dollar in the non-deliverable forwards (NDF) market and dollar purchases by Indian importers, including oil companies, have contributed to the rupee's decline.
A weaker Chinese yuan and concerns over India's slowing economic growth have added to the rupee's downward pressure.
Dollar-rupee forward premiums rose as expectations of a U.S. Federal Reserve rate cut in December strengthened, but RBI actions helped stabilize the forward market.