Indian Rupee Hits Record Low of 90.43 Against US Dollar Amid Economic Pressures

The Indian rupee plunged to a record low of 90.43 against the US dollar on Thursday, continuing its downward trend after crossing the significant 90-level barrier the previous day. On Wednesday, the rupee reached an intra-day low of 90.29, closing at 90.19. This marks a rapid decline of Rs 5 in less than a year, as highlighted by an SBI research team analysis. Despite the Reserve Bank of India's interventions, the rupee remains under pressure due to ongoing withdrawals of Foreign Portfolio Investments, a large trade deficit from high imports of oil, metals, and electronics, and a strong US dollar.