Overview
- The rupee closed at 88.69 on Oct. 30 after touching an intraday low of 88.7437, approaching the September record of 88.8050.
- The Federal Reserve cut rates by 25 bps, and Powell said a December cut was not a foregone conclusion, boosting Treasury yields and the dollar.
- Foreign investors sold ₹3,077.59 crore of equities as the Sensex fell 592.67 points and the Nifty dropped 176.05 points.
- Month‑end dollar buying by oil marketers added pressure, and analysts flagged 88.8050 as a key level that, if broken, could open a path toward 89–90.
- Traders noted limited RBI support in spot markets despite large FX reserves, while early Oct. 31 trade showed a modest bounce to 88.64 on softer oil and a slightly weaker dollar.