How India’s rupee hit key milestones
* Drop to 20 against dirham – March 5, 2020
* Drop to 21 against dirham – May 9, 2022
* Drop to 22 against dirham – September 2022
* Drop to 23 against dirham – November 29, 2024
* Drop to 24 against dirham – August 29, 2025
In dollar-rupee terms, the INR fell below 88 to the $ and then all the way to 88.31. It finally closed the day (and the week) at 88.2.)
“The dollar-rupee dropping below the key 88 level is primarily driven by heightened foreign portfolio investor (FPI)/foreign institutional investor (FII) selling in response to escalated US-India trade tensions,” said Foram Chheda, founder of ChartAnalytics.co.in.
“Capital outflows from India have been significantly amplified by disappointing corporate earnings and higher US Treasury yields, making Indian assets less attractive.
“The other reason is a persistent dollar demand from oil importers, while global risk aversion too has added to the pressure.”
Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well.
Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental.
He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.
