Rupee Falls To Record Low Against US Dollar

Rupee Continues to Slip Further

The Indian rupee extended the losses in the foreign exchange market. The rupee slumped to a fresh record low against the US dollar on Monday. During intraday trading, it declined 26 paise and reached ₹90.75. A record low level touched this far.

Reasons of Weakness

Market experts said that investors have lost confidence because of the delay in finalizing the India–US trade agreement. It led to a major selloff by foreign investors, weighing on the currency. Growing demand for the US dollar amid rising market volatility also hit the rupee.

Intraday Movement Details

The rupee had closed at ₹90.49 in the previous session on Thursday. On Monday morning, it opened at ₹90.53. During the day, it continued to weaken and fell by 26 paise to ₹90.75.

Support Levels and Market Outlook

Analysts believe rupee has support near the ₹90.80 level. Once this level is broken the rupee can cross ₹91 and move towards ₹92. According to Anil Kumar Bhansali, Executive Director at Finrex Treasury Advisor LLP, the Reserve Bank of India is allowing the rupee to move in tandem with the market forces. He said the central bank may intervene only if there are sharp or sudden fluctuations.