Rupee hits record low against dollar; RBI's intervention falls flat
The rupee just slid past 90 to the US dollar for the first time ever, mostly because global investors are pulling out of Indian markets and the dollar keeps getting stronger.
The drop was expected, but how quickly it happened caught a lot of people off guard.
Even with the Reserve Bank of India stepping in to calm things down, their efforts haven't made much difference so far.
Why it matters and what's next
A weaker rupee means stuff like fuel and electronics could get pricier, and paying back loans from abroad gets tougher.
While exporters might see some short-term gains, most experts think this isn't great news overall—especially if foreign investment doesn't pick up soon.
If things don't stabilize, we could be looking at more price hikes and extra pressure on the economy in the coming months.