MUMBAI, Dec 3: The Indian rupee fell below the 90-per-dollar mark for the first time, closing at a record low of 90.15, down 19 paise from the previous session, amid sustained foreign fund outflows, rising crude oil prices, and uncertainty surrounding the India-US trade deal.
The currency hit an intraday low of 90.30 before the Reserve Bank of India (RBI) intervened to curb volatility.
Analysts cited intense selling of Indian equities by foreign investors, safe-haven demand for the dollar, and recent cryptocurrency market crashes as key pressures on the rupee.
Chief Economic Adviser V Anantha Nageswaran said the decline has not impacted inflation or exports and expressed hope for an improvement next year.
Market activity mirrored the currency weakness, with the Sensex falling 31 points to 85,106.81 and Nifty down 46 points, while Foreign Institutional Investors sold equities worth Rs 3,206.92 crore.
Experts expect the rupee to remain under pressure in the near term, potentially trading in the 89.50–91.20 range, influenced by crude prices, continued foreign outflows, and RBI policy actions.
Analysts noted that stabilization above 89.80 will be crucial for a meaningful recovery, while domestic factors, including rising import bills and global financial conditions, continue to shape the currency’s trajectory. (PTI)
