Indian Rupee Hits Record Low in NDF as Oil Prices Climb
The rupee fell toward a record low on Thursday as oil prices climbed past $112. Rising energy costs and regional conflict are pressuring India's economy.
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The currency of India faced significant downward pressure in the non-deliverable forward (NDF) market on Thursday, signaling a potential slide past the 93 mark against the dollar. This decline follows a series of attacks on critical energy facilities in the Gulf, which has heightened economic risks for major energy-importing nations. The 1-month USD/INR NDF was recently quoted at approximately 93.70, suggesting the rupee will reach a new lifetime low when onshore spot trading resumes on Friday.
