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Indian Rupee Slips Past 90 Against US Dollar
The Indian rupee fell to a historic 90.31 per US dollar on Wednesday before closing at 90.23, marking a 0.35% drop for the day and a 1.7% decline since mid-November, when it hovered around 88.
Analysts attribute the decline to foreign investor outflows from Indian equities, postponed US-India trade talks, and strong dollar demand from importers, despite RBI interventions through dollar sales to stabilize the currency.
Consumers face rising costs for oil, electronics, and travel, though economists like Rajiv Kumar point out that stronger exports in textiles and gems could create jobs and encourage factories to shift from China to India.
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