Indian rupee hits record low vs US dollar and UAE dirham due to Asian currency weakness and strong local dollar demand.
The Indian rupee hit a record low on Friday against the US dollar and UAE dirham, falling to 83.4250 and 22.7316 respectively, due to broad weakness in Asian currencies and strong local dollar demand. This decline was attributed to a drop in the offshore Chinese Yuan and reduced dollar inflows, as well as dollar strength. The Reserve Bank of India's limited dollar sales and the perceived "artificial dollar scarcity" in the market further contributed to the rupee's depreciation.
March 22, 2024
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