Under Pressure
As the Indian rupee reached a record low of 87.58 to the dollar on Thursday, it finds itself at a critical juncture, navigating a sea of global and domestic pressures.
The rupee depreciated by 5 paise to 65.06 against the dollar on Monday after renewed demand for the US currency from importers.
The dollar made headway against the euro after Angela Merkel’s attempts to form a new government for Europe’s biggest economy collapsed, plunging Germany into a crisis. A subdued start at domestic stock markets cast its shadow, traders said.
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On Friday, the rupee had bounced back in style to end at a one-week high of 65.01 after Moody’s upgraded India’s sovereign credit rating.
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The benchmark BSE Sensex fell by 54.59 points, or 0.16 per cent, to 33,288.21 in early session on Monday.
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