The sharp selloff may lead the Reserve Bank of India to allow USD/INR to move higher to 83.90.
Indian rupee per dollar today latest news: In a major development, the Indian rupee has fallen to an all-time low at the open on Monday, on concerns that the risk-off prompted by U.S. recession worries could lead to foreign outflows, Reuters reported.
Reportedly, the rupee opened at 83.78 to the U.S. dollar compared to its previous close of 83.75, slipping past the lifetime low of 83.7525 hit on Friday.
The sell-off in the United States and Asian equities following a disappointing jobs report spurred worries of foreign outflows from India and other emerging markets, the report stated.
The sharp selloff may lead the Reserve Bank of India to allow USD/INR to move higher to 83.90, the experts believe.
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