Indian rupee hits record low against US dollar
The Indian rupee just hit a record low of 87.67 against the US dollar, mainly because of worries about possible new US tariffs on India over Russian oil deals.
Even though most other Asian currencies stayed steady, the rupee took a hit—forex expert K N Dey pointed to panic buying by importers and a tough trade environment as key reasons.
Sensex gains 419 points
Interestingly, while the rupee struggled, the Sensex actually climbed 419 points to close above 81,000 thanks to gains in metal and auto stocks.
Still, analysts say this bounce doesn't mean market sentiment has really improved—foreign investors have recently pulled out big money from Indian stocks.
With ongoing trade tensions and investor uncertainty, experts warn more ups and downs could be ahead for both currency and equity markets.