Currency News: 2 Reasons Why The Rupee is Slipping Against Major Currencies
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In the latest currency news, the Indian rupee has now hit a new plunging low against the US dollar. The rupee is now trading at a staggering 89 against the dollar, stabilizing after touching 90 for a brief period of time. As USD soars ahead, is INR in league to decline further? What’s driving its latest price plunge? Let’s find out.
Also Read: BRICS: Has Chinese Yuan Made Inroads Into the World’s Reserves?
INR’s Fallen Fortunes
The Indian rupee is having a serious crisis as it continues to decline dramatically against the US dollar. The rupee is now trading at 89, a threshold dubbed the lowest in INR’s trading history against the USD.
Per a recent post by the Indian Express, the recent INR plunge has been largely triggered due to the delay in the India-US deal, sustained by heavy foreign outflows and the absence of strong RBI support in the forex market. However, RBI has recently intervened, helping the currency stabilize at 89.22 to 89.23 in the last two sessions.
“The latest fall has been driven by worries over a possible delay in the India–US trade deal, sustained selling by foreign portfolio investors, and the initial absence of strong support from the Reserve Bank of India in the forex market. After the sharp slide, the RBI stepped in to stabilize the currency. The rupee has since recovered modestly, rebounding to an intraday high of 89.08 and closing at 89.22–89.23 over the last two sessions.
INR History Against USD
The Indian rupee once projected a strong forex presence, trading at 22.74 against the USD in the early 90s. Moreover, INR was once stable at 44, soaring to 63 in the late 90s.
“The rupee hit a fresh record low against the US dollar on Nov 27, extending a long slide that began in the early decades after Independence and sharply accelerated after the 1991 devaluation. From around ₹22.74 per dollar in the early 1990s, the exchange rate crossed ₹42.48 by the mid-1990s and ₹63.33 by 2013 and has now touched an all-time intraday low of ₹89.41.”
Per a recent CNBC report, INR is now the worst-performing currency of 2025. Experts have been predicting how it may take a while for the currency to bounce back to its former glory.
“In the near term, USD/INR will likely move within the 88.90–89.80 range, with 88.80–89.00 acting as a strong support area,” CR Forex Advisors MD Amit Pabari said.
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Currency News: 2 Reasons Why The Rupee is Slipping Against Major Currencies
Поделиться:
In the latest currency news, the Indian rupee has now hit a new plunging low against the US dollar. The rupee is now trading at a staggering 89 against the dollar, stabilizing after touching 90 for a brief period of time. As USD soars ahead, is INR in league to decline further? What’s driving its latest price plunge? Let’s find out.
Also Read: BRICS: Has Chinese Yuan Made Inroads Into the World’s Reserves?
INR’s Fallen Fortunes
The Indian rupee is having a serious crisis as it continues to decline dramatically against the US dollar. The rupee is now trading at 89, a threshold dubbed the lowest in INR’s trading history against the USD.
Per a recent post by the Indian Express, the recent INR plunge has been largely triggered due to the delay in the India-US deal, sustained by heavy foreign outflows and the absence of strong RBI support in the forex market. However, RBI has recently intervened, helping the currency stabilize at 89.22 to 89.23 in the last two sessions.
“The latest fall has been driven by worries over a possible delay in the India–US trade deal, sustained selling by foreign portfolio investors, and the initial absence of strong support from the Reserve Bank of India in the forex market. After the sharp slide, the RBI stepped in to stabilize the currency. The rupee has since recovered modestly, rebounding to an intraday high of 89.08 and closing at 89.22–89.23 over the last two sessions.
INR History Against USD
The Indian rupee once projected a strong forex presence, trading at 22.74 against the USD in the early 90s. Moreover, INR was once stable at 44, soaring to 63 in the late 90s.
“The rupee hit a fresh record low against the US dollar on Nov 27, extending a long slide that began in the early decades after Independence and sharply accelerated after the 1991 devaluation. From around ₹22.74 per dollar in the early 1990s, the exchange rate crossed ₹42.48 by the mid-1990s and ₹63.33 by 2013 and has now touched an all-time intraday low of ₹89.41.”
Per a recent CNBC report, INR is now the worst-performing currency of 2025. Experts have been predicting how it may take a while for the currency to bounce back to its former glory.
“In the near term, USD/INR will likely move within the 88.90–89.80 range, with 88.80–89.00 acting as a strong support area,” CR Forex Advisors MD Amit Pabari said.
Also Read: Currency: US Dollar/INR Forecast For January 2025
Читать больше
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