Indian rupee hits record low of 88.77 against US Dollar
The Indian Rupee slipped to 88.77 against the US Dollar on Monday, losing a bit more ground as rising crude oil prices and steady foreign investment outflows put extra pressure on the currency.
Even though the US Dollar itself dipped slightly, local markets weren't spared—Sensex and Nifty both declined in early trade, reflecting pressure on domestic stocks.
Factors affecting rupee's performance
A few things are stacking up: Foreign investors pulled out over ₹6,700 crore from Indian stocks just last Friday, and India's forex reserves dropped by nearly $7 billion recently.
Plus, the government's fiscal deficit has already hit 36.5% of its yearly target halfway through FY26 (compared to 29% last year).
All these factors together are making it tougher for the rupee to hold its value right now.