INR Value Drop: Due to concerns that foreign outflows could result from the risk off sparked by concerns about the U.S. recession, the Indian rupee dropped to an all-time low at the opening of trade on Monday.
INR Value Drop: Latest Update
The rupee began trading at 83.78 against the US dollar, down from its previous close of 83.75, and it has now surpassed its all-time low of 83.7525, which was reached on Friday.
Concerns about foreign capital flightation from India and other emerging economies were sparked by the selloff in Asian and U.S. shares that followed a dismal jobs report.
According to a dealer at a public sector bank, the steep selloff may force the Reserve Bank of India to allow the USD/INR exchange rate to rise to 83.90.
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