Indian Rupee Slumps Toward Record Lows and Prompts Central Bank Intervention
The Indian rupee hit an all-time low on Thursday and remains vulnerable to further declines. Central bank intervention helped stabilize the currency near 92.
The Indian 
INrupee weakened to near-record lows on Friday as weak Asian risk sentiment and foreign-exchange flow pressures weighed on the currency, prompting the Reserve Bank of India to intervene. Bankers reported that the central bank stepped in to defend the 92-per-dollar threshold after the rupee hit an all-time low of 91.9850 on Thursday. While sustained intervention by the Reserve Bank of India prevented a further slide, the currency remains on track for its worst monthly performance since September 2022, having declined about 2.3% so far this month.
INrupee weakened to near-record lows on Friday as weak Asian risk sentiment and foreign-exchange flow pressures weighed on the currency, prompting the Reserve Bank of India to intervene. Bankers reported that the central bank stepped in to defend the 92-per-dollar threshold after the rupee hit an all-time low of 91.9850 on Thursday. While sustained intervention by the Reserve Bank of India prevented a further slide, the currency remains on track for its worst monthly performance since September 2022, having declined about 2.3% so far this month.
