Hyderabad: The Indian rupee hits record low after sliding to 90.48 against the US dollar in Thursday’s intraday trade. The currency later recovered slightly but still closed at 90.32 with a loss of 38 paise. Dealers noted that this level marked a fresh lifetime closing low for the domestic unit.
The sharp fall followed concerns about delays in the proposed US–India trade agreement. Chief Economic Adviser Anantha Nageswaran said the deal might take until March, during a Bloomberg TV interview. His remarks increased selling pressure on the currency. Persistent foreign investor withdrawals from equity markets and US tariff actions on Indian goods also weakened sentiment.
Indian rupee hits record low; analysts expect further pressure
However, analysts said lower crude prices and mild weakness in the dollar offered limited support. Gains in domestic equity markets also cushioned the fall.
Market participants expect continued pressure on the rupee in the near term. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, projected a trading range between 90.10 and 90.75. Forex analysts warned that the rupee could touch 92 against the dollar if the US–India trade agreement faces more delays.