Mumbai: The Indian rupee is navigating turbulent waters as it hovers near its all-time low of 88.80 against the U.S. dollar. The Reserve Bank of India (RBI) has been actively defending this critical level, but persistent dollar strength and heavy importer demand are testing the central bank’s resolve. On Thursday, the rupee settled at 88.7825, with one-month non-deliverable forwards indicating an opening in the 88.78–88.80 range on Friday.

The dollar’s rally, driven by political instability in Europe and Japan, pushed the dollar index to a two-month high. Weak risk sentiment and rising U.S. yields further fueled the greenback’s momentum. This surge has intensified pressure on the rupee, as importers particularly from the oil and jewelry sectors continue to seek dollars aggressively, kee

See Full Page