Rupee plunges 14 paise to close at record low of 87.57 against U.S. dollar
The Hindu
Rupee hits all-time low against dollar due to rate cut fears, global trade war uncertainty, weak domestic markets.
Rupee plunged 14 paise to close at an all-time low of 87.57 (provisional) against the U.S. dollar on Thursday (February 6, 2025), as rising odds of a rate cut by the Reserve Bank of India in its monetary policy meeting on Friday (February 7, 2025) pressurised the rupee.
Forex traders said the Indian rupee plunged to fresh record lows amid weak domestic markets and importer demand for dollars.
Moreover, risk aversion in global markets amid ongoing uncertainty over U.S. trade tariffs may further weigh on the rupee.
At the interbank foreign exchange, the rupee opened at 87.54 and slipped further to an all-time intraday low of 87.60 against the greenback in initial deals.
The domestic unit finally settled for the day at 87.57 (provisional) against the greenback, registering a plunge of 14 paise from its previous close.
On Wednesday (February 5, 2025), the rupee plunged 36 paise to close at an all-time low of 87.43 against the U.S. dollar.
The local unit has lost over 2% so far this year. The sharp drop in the domestic unit comes after nearly a 3% fall in the USD-INR pair in 2024, making it one of the worst-performing Asian currencies.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.
Workday is cutting about 1,750 jobs, or 8.5% of its workforce as it focuses on AI.
Reliance Industries, ITC, and other major companies announce significant investments in West Bengal at BGBS 2025.
The Union Budget seems to have got many things right
LIC receives ₹105.42 crore GST demand notice for seven years, no material impact on operations.
Stock markets close lower as investors turn cautious ahead of RBI's monetary policy decision amid trade war concerns.
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
Rupee hits all-time low against dollar amid global trade war concerns, RBI rate cut expectations, and weak services sector.
Zomato CEO Deepinder Goyal clarifies controversial hiring process, with 30 candidates selected from 18,000 applications.
Bombay High Court to hear Skoda Auto Volkswagen India's plea challenging $1.4 billion tax demand on February 17.
Gold demand in India rose 5% in 2024 to 802.8 tonnes, with 2025 consumption expected between 700-800 tonnes.
India's services sector growth slows in January, but remains above 50; new export business rebounds, job creation accelerates.
West Bengal Chief Minister confirms top business leaders attending Bengal Global Business Summit, doubts Bhutan PM's participation.