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Indian rupee weakens near record low amid dollar strength
Indian rupee approaches record low as dollar demand rises; FX risk remains a concern for market participants.
The Indian rupee slid to around ₹88.74 per US dollar as of early trading Friday, inching close to its all-time low due to strong dollar demand from importers and hedging flows. Traders refrained from large long-positions, citing the risk of intervention by the Reserve Bank of India and uncertain global rate cues. Despite solid foreign equity inflows pulling into India, currency pressure remains an overhang for market segments sensitive to imported inflation and FX hedging costs.