INR to USD: The Indian rupee dropped to a two-week low, closing at ₹88.69 per USD on Thursday, pressured by a stronger dollar and rising US Treasury yields. Despite mild interventions from the Reserve Bank of India, the rupee’s decline accelerated as traders triggered stop losses around the 88.40–88.50 mark.
Federal Reserve Chair Jerome Powell’s hawkish remarks dampened investor sentiment, with markets now predicting a 68% chance of a rate cut in December. Meanwhile, Asian currencies also weakened between 0.1% and 0.5%.
U.S. President Donald Trump announced a reduction in tariffs on China from 57% to 47% after meeting President Xi Jinping, adding another dimension to the global currency landscape.
💬 GRY News Analysis:
The rupee’s decline underscores the challenges emerging markets face amid fluctuating Fed policies and persistent dollar strength. Analysts expect RBI to continue measured interventions while focusing on maintaining export competitiveness.
🔗 For more business and currency updates, visit GRY News Business Desk.
