Rupee hits record low of 88.79 against US dollar
The rupee just closed at a record low of 88.79 to the US dollar, thanks to ongoing foreign investment leaving India and global investors playing it safe.
Uncertainty in trade and higher US visa fees (which make things tough for India's IT sector) are adding to the pressure.
What happens next will likely depend on what the Reserve Bank of India decides in its upcoming policy meeting, plus some big economic updates from the US.
RBI may intervene to stabilize rupee
The rupee opened at 88.69 but slipped further by the end of trading.
Meanwhile, stock markets like Sensex and Nifty also dropped, with foreign investors pulling out nearly ₹5,700 crore on Friday.
The RBI may intervene to keep things steady, but with so much money flowing out and global nerves high, it's a tough job.
All eyes are now on how the central bank plans to handle these challenges going forward.