Indian Rupee Hits Record Low Past 95 Against US Dollar
The rupee hit a record low past 95 per dollar on Monday despite central bank efforts. High oil prices also pressured stocks, leading to a sharp monthly drop.
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The US Dollar / Indian Rupee exchange rate reached a record high on Monday, with the rupee weakening past the 95 per dollar mark for the first time. This historic low of 95.20 came despite recent intervention by the central bank of India, which had implemented tighter limits on the foreign exchange positions banks are permitted to hold. Analysts noted that the relief provided by these measures was fleeting, as macroeconomic fundamentals continue to weigh heavily on the currency.
