Rupee falls to 96.43 per US dollar after foreign selling
The Indian rupee just dropped to its lowest level in over two months, touching 96.43 per US dollar after steady selling by foreign investors.
While it bounced back a bit from the day's worst point, it's still hovering close to its all-time low from May.
RBI taps over $140B inflows
To keep things stable, the Reserve Bank of India (RBI) has been selling US dollars and tapping into India's over $140 billion in capital inflows.
Market vibes are a bit gloomy for the rupee right now (one-year forward rates are near 99.70 per US dollar), but experts think any further dip will be slow and steady.
Most don't see the rupee hitting 100 per US dollar soon; forecasts put it at around 97.50 per US dollar next year and maybe 99 per US dollar by September 2027, so nothing too dramatic on the horizon.