Rupee hits record low of 87.35 vs USD on rate cut expectations

The Indian rupee weakened to a historic low of 87.35 against the U.S. dollar, influenced by expectations of an impending rate cut by the Reserve Bank of India and strong dollar demand from importers. Despite a softer dollar aiding other Asian currencies, India’s persistent foreign portfolio outflows added further pressure, resulting in nearly 0.3% depreciation on the day. The Indian rupee weakened to a historic low of 87.35 against the U.S. dollar, influenced by expectations of an impending rate cut by the Reserve Bank of India and strong dollar demand from importers. Despite a softer dollar aiding other Asian currencies, India’s persistent foreign portfolio outflows added further pressure, resulting in nearly 0.3% depreciation on the day.  Economic Times