Rupee Pinned Near Record Low as RBI Offers Limited Support

The Indian rupee hovered close to its record low as market participants digested policy shocks from abroad and persistent dollar demand. Reserve Bank intervention provided short-term support, but weak foreign inflows and pressure on IT exporters kept sentiment fragile. Traders say further depreciation would raise import costs and squeeze corporate margins; near-term direction will hinge on central bank operations, foreign institutional flows and clarity on U.S. trade and visa policies.