Shiv Sena (UBT) MLA Aaditya Thackeray on Friday questioned the BJP's 'silence' after India Rupee hit a new low, as the currency hovered around the 92-mark mark against the US Dollar.
The higher US interest rates and a cautious risk appetite among foreign investors are also resulting in continuous pressure on the Indian Rupee. Experts believed that the rupee's weakness is being reinforced by deteriorating trade fundamentals.
Gold prices in India breached the Rs 1 lakh per 10-gram mark to reach at an all-time high level on Friday, boosted by the weakness in the domestic currency, and rising safe-haven demand as Israel launched an airstrike on Iran.
The Indian rupee will find support in the coming days, buoyed by a weaker US dollar index (DXY) and expectations of strong foreign portfolio investment (FPI) inflows, a report by Union Bank of India (UBI) anticipated.
As the global uncertainties show signs of moderation and geopolitical tensions along India's borders settle, the Rupee will witness stability, said Union Bank of India (UBI) report.
The Indian rupee is expected to remain stable in the range of Rs 85-87 against the US dollar through 2025, according to a recent report released by the State Bank of India (SBI).
The Indian Rupee fell to an all-time low of 85.07 (at the time of filing this report) against the U.S. dollar on Thursday as the greenback gained strength following the Federal Reserve's indication of fewer rate cuts in 2025.
The Indian rupee is expected to remain under pressure in the near term, trading in a range of 84-84.5 per US dollar, according to a report by Bank of Baroda.
Amid the rising possibility of Donald Trump returning to White House, the dollar on Wednesday strengthened while the Indian rupee hit all-time low of 84.25 against US dollar.
The Indian Rupee depreciated marginally in October by 0.3 per cent compared to the bloodbath witnessed in other major currencies, highlighted a report by Bank of Baroda.