Mumbai: The Indian rupee fell to a new record low against the US dollar on Monday. At the interbank foreign exchange market, the rupee was trading at
Mumbai: The Indian rupee fell to a new record low against the US dollar on Monday. At the interbank foreign exchange market, the rupee was trading at 81.60 against the US dollar.
Although the Reserve Bank of India (RBI) has been intervening to control the fall in the Indian rupee against the US dollar, the exchange rate registered a new record low today.
One of the major factors behind the fall in the exchange rate is the hawkish fed outlook. Over the past few months, the fed is increasing interest rates to control inflation.
The two-year US Treasury yield was at 4.2 percent, its highest level since October 12, 2007.
