Rupee slides as RBI explores dollar deposit scheme
pre-market1 source ↓written by the desknot a recommendation
- record low
- ₹95.33 per dollar
The rupee has weakened 5.5% this year, reaching a record low of ₹95.33 per dollar. In response, the Reserve Bank of India is considering a revival of a 2013 scheme to attract dollar deposits from non-resident Indians. This move aims to bolster foreign exchange reserves, which have fallen to around USD 698 billion from a peak of USD 728.5 billion.
These developments may impact market sentiment as authorities seek to stabilize the currency amid rising oil prices due to geopolitical tensions.
Not investment advice. For informational purposes only.