“USD/INR Surges As US Dollar Demand Weakens Rupee”

The Indian Rupee (INR) continues to weaken, approaching its record low, due to the strength of the US Dollar. The Federal Reserve’s hawkish stance has put pressure on emerging market currencies like the INR. India’s foreign exchange reserves have also been falling, reaching a multi-month low, adding to the rupee’s struggles.

Despite this, the Reserve Bank of India (RBI) may intervene by selling US Dollars to curb the rupee’s losses. Analysts suggest that the INR may find support around 84.70, but there’s a potential for it to hit 85.50 if the trend continues.

The US Dollar remains strong due to rising inflation figures, which might keep the pressure on the rupee for the near future.

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