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Rupee plunges to record low of 83.15 against US dollar
The Morning Standard
|August 18, 2023
THE rupee plunged to its lowest closing level of 83.15 against the US dollar on Thursday compared to close of 82.96, mainly hit by global factors such as rise in treasury yields in US and weakness in global equities.
The local currency opened at 83 on Thursday morning and touched a low of 83.16 per dollar. The Reserve Bank of India (RBI) stepped in the market to arrest the slide and sold dollars via public sector banks, which helped the local currency to stabilise. RBI's forex reserves have risen over $600 billion, which provides the central bank enough room to defend the local currency.
Denne historien er fra August 18, 2023-utgaven av The Morning Standard.
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