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India Rupee Slips to Record Low Near 96 per USD as Energy Risks Deepen
Persistent oil-driven outflows and a widening balance-of-payments deficit kept pressure on the rupee, which fell 0.2% to a record 95.9575 per dollar, Reuters said.
- On Thursday, the Indian rupee weakened to a fresh record low of 95.96 against the US dollar, eclipsing the previous record of 95.7950 hit on Wednesday.
- Stubbornly high oil prices from the Iran war and persistent portfolio outflows have strained the balance of payments in Asia's third-largest economy, pressuring the currency.
- Likely RBI intervention helped the USD/INR pair settle provisionally at 95.86 on Thursday, trimming a 22 paise fall from the day's record low.
- Bloomberg News reported that policymakers are considering reducing taxes on foreign investor bonds to mobilize dollar inflows and bolster foreign exchange buffers.
- Analysts at Nomura expect policymakers to deploy further regulatory measures, while Barclays predicts an imminent INR5 per litre hike for petrol and diesel.
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16 Articles
16 Articles
Coverage Details
Total News Sources16
Leaning Left1Leaning Right4Center2Last UpdatedBias Distribution57% Right
Bias Distribution
- 57% of the sources lean Right
57% Right
14%
C 29%
R 57%
Factuality
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