Kolkata: The Rupee slipped to a new record low of 95.07 against the US dollar on Thursday, PTI has reported. The Indian currency fell against a backdrop
of the US-Iran war showing no signs of ending, Brent crude rising to levels above $120 a barrel and FIIs continuing to sell Indian equities amid the ongoing West Asia conflict. But the immediate trigger for the rupee to seek new lows today was the stance of some US Fed members.
Hawkish tone of US Fed
According to experts, the Indian currency will face headwinds after the US dollar strengthened following hawkish signals from US Fedpolicymakers. US bond yields also rose. The Indian currency could register its third weekly decline on the trot. It has surrendered all the gains that it made after RBI announced measures earlier this month to curb excessive speculation.
RBI attempt to curb speculation
In the second week of April, to stem the fall of the value of the Indian currency, RBI attempted to curb specualtion. It barred authorised banks from offering non-deliverable forward contracts to resident and non-resident Indians. In the onshore front too, RBI directed banks to put a cap on their daily net open positions in the onshore deliverable rupee market at $100 million. The banks had to comply by April 10, 2026 and the rupee firmed up against the dollar but it haw slipped again.
