💨 Abstract

The Indian rupee hit a record low of 85.93 per USD on Thursday, influenced by rising U.S. bond yields and strong dollar bids in the NDF market. The Reserve Bank of India is reportedly intervening to cap losses, as evidenced by state-run banks offering dollars. The RBI's intervention is expected to keep the rupee above the 86 handle in the near term.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖