Indian Rupee Faces Losses After RBI Hike
The Indian rupee faces further losses following a hawkish rate hike by the Reserve Bank of India and a sharp rise in global oil prices. The currency dropped toward its record low as traders reacted to the shift in central bank policy and mounting import pressures.
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The Indian rupee dropped 0.4% to 96.7750 per dollar on Wednesday, sitting just 18 paise shy of its all-time low. The slide follows a rate hike and policy shift by the Reserve Bank of India that caught market participants off guard. Higher oil prices are now compounding the currency's vulnerability to further losses.
