India, Nov. 21 -- The rupee registered its steepest single-day decline in more than three months on Friday, slipping below the 89-per-dollar mark for the first time and closing 93 paise lower at a record low of 89.61 (provisional). The currency came under pressure amid weakness in global and domestic equities triggered by trade-related uncertainties.
Forex analysts attributed the sharp fall to heavy selling in global IT stocks, rising risk-off sentiment, and a lack of clarity surrounding the proposed India–US trade deal.
The rupee opened at 88.67 in the interbank foreign exchange market and tumbled to a lifetime intraday low of 89.65 before settling at 89.61, marking a 93-paise drop from the previous close.
Published by HT Digital ...