Indian rupee hits ₹90 per dollar for the 1st time
The rupee just crossed ₹90 against the US dollar—a record low.
It slipped to 90.15 during trading on Wednesday before closing at 90.02, mostly because importers and big banks were snapping up dollars.
Why does this matter?
A weaker rupee makes imported goods more expensive, which can push up prices for things like fuel.
Investors are also feeling jittery—Foreign Institutional Investors sold over ₹3,600 crore in stocks, causing both Sensex and Nifty to drop.
What's behind the slide?
It's a mix of strong demand for dollars from importers, slow progress in India-US trade talks, and banks buying up foreign currency.
Even with oil prices dipping a bit and a softer US dollar globally, pressure on the rupee is sticking around—especially with everyone watching what the RBI decides about interest rates on December 5.