The Indian rupee reportedly weakened to its all-time low for the sixth consecutive trading session this morning. This was due to a rise in U.S. bond yields that boosted the dollar as well as a strong demand for the greenback from importers.
The rupee declined to 85.2075 against the U.S. dollar, casting a shadow on its previous record low of 85.12 hit on Monday. It ended the session at 85.20, down 0.1% on the day.
The U.S. Treasury yield rose to a near seven-month high of 4.59% on the same day and remained steady. The dollar index had risen over 2% so far this month, on course for its third consecutive monthly rise.
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The U.S. dollar (USD) stood strong relative to the Indian rupee (INR) due to several factors—a major reason would be that the U.S. economy remains the world’s largest and most diversified, backed by a stable political system and…
