India News: Latest India News, Today's breaking News Headlines & Real-time News coverage from India | Hindustan Times•Mar 4
Why is the Indian rupee at record low today, and what's next amid Iran-US war
The Indian rupee plunged to an all-time low on Wednesday as escalating tensions in the Middle East sent crude oil prices soaring, sparking fears of higher inflation, a widening trade deficit and capital outflows from emerging markets. The Reserve Bank of India is believed to have stepped in to support the currency after it breached the 92-per-dollar level, reportedly selling dollars in the market to slow the rupee’s fall. 72%, complicating the central bank’s efforts to keep borrowing costs stable.