Rupee Hits Lifetime Low Against Dollar, Recovers After Suspected RBI Intervention

Mumbai : The Indian rupee fell sharply to a new lifetime intraday low of 85.80 against the US dollar on Friday, marking its steepest drop in almost two years. The sharp decline was driven by increased month-end demand for dollars from banks, exacerbating the currency’s downward slide.

However, the rupee recovered some of its losses after a suspected intervention by the Reserve Bank of India (RBI), settling 23 paise lower at 85.50 (provisional) against the dollar by the close of trading. The rupee has been hitting new lows in recent weeks due to a variety of factors, including global economic pressures and fluctuations in oil prices.

Experts suggest that the central bank’s intervention played a key role in stabilizing the currency, although challenges remain for the rupee in the coming weeks.