Rupee Hits Record Low
The Indian currency has plummeted to a new all-time record low. In forex trading on Monday, the Rupee's exchange value against the US Dollar depreciated by 39 paise, closing at Rs 95.23. Although the exchange rate had breached the ₹95 mark during intraday trading on April 30 and March 30, this marks the first time it has closed above this level. Forex sources attributed the further depreciation of the Rupee to a backdrop of tensions in West Asia, elevated crude oil prices, rising inflation, and fears of an economic slowdown.
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