The Indian rupee slid to an all-time low of 96.14 against the US dollar on Friday, fueled by foreign fund outflows and a stronger dollar index (99.28). The bigger trigger was Brent crude jumping to $109.20 per barrel after shipping disruptions in the Strait of Hormuz. While experts urge citizens not to panic, they warn of a gradual squeeze on wallets as higher energy import costs ripple into transport, logistics, and ultimately food and essentials.
The Indian rupee has hit a record low near 96 per US dollar as elevated oil prices and portfolio outflows increase pressure on the economy. Policymakers are reportedly weighing tax reductions for foreign investors in bonds to pull in more dollar inflows. With persistent balance of payments deficits and rising wholesale inflation, rupee weakness appears set to continue.
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