November 11, 2024
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The rupee hit a record low against the US dollar on Monday, as concerns surrounding the recent victory of Donald Trump in the US elections put Asian currencies under pressure. Continuous outflows from Indian stocks further weakened the rupee, sparking a wave of caution among traders and investors alike.
The rupee dropped to a new low of 84.3875 in early trading, surpassing its previous record set last Friday. It was trading at 84.37 by 9:40 a.m. Despite these pressures, traders noted that the Reserve Bank of India (RBI) intervened to prevent further losses
