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Forex News: Indian Rupee Depreciates To Record Low Against U.S.

Indian Rupee Depreciates To Record Low Against U.S. Dollar

08/05/2024 - 07:41:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in the European session on Monday, amid concerns over an escalating Middle East conflict and fears the U.S. economy may be heading for a recession.

Reports suggest the Benjamin Netanyahu-led government could sanction a pre-emptive strike on Iran to prevent an attack on Israeli soil.

Disappointing earnings from the likes of Intel and Amazon ignited worries that the world's largest economy could be falling into a recession under the weight of the Federal Reserve's policy of high interest rates.

Meanwhile, traders await the RBI's monetary policy decision this week.

Against the U.S. dollar, the rupee depreciated to a record low of 84.1370 from an early high of 83.7600. At Friday's close, the rupee was trading at 83.7750 against the greenback.

If the rupee extends its downtrend, it is likely to find support around the 85.00 region.

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