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Forex News: Indian Rupee Hits Record Low Against U.S. Dollar

Indian Rupee Hits Record Low Against U.S. Dollar

12/24/2024 - 06:39:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in the European session on Tuesday.

India is the third-largest oil consumer in the world, so the modest increase in crude oil prices hurts the value of the Indian rupee.

Meanwhile, the markets expect an intervention by the Reserve Bank of India (RBI) is likely to lessen the losses on the local currency.

Trading remains muted in the run-up to Christmas. Regional markets will close early today and remain shut on Wednesday for Christmas.

U.S. markets will also close earlier than usual for Christmas Eve and will remain shut on Wednesday.

Against the U.S. dollar, the rupee fell to a new record low of 85.222 from an early high of 85.086. At yesterday's close, the rupee was trading at 85.095.

If the rupee extends its downtrend, it is likely to find support around the 87.00 region.

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