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Rupee sinks to 86.67/$, Sensex drops over 570 points
The rupee slid to 86.67 per US dollar on Monday, down 15 paise, thanks to last-minute dollar demand from importers and nerves ahead of the big India-US trade talks set for August 1.
A weaker rupee can make imports pricier
A weaker rupee can make imports pricier—think gadgets or travel—and signals some market jitters.
Stocks took a hit too, with Sensex dropping over 570 points and foreign investors pulling out nearly ₹2,000 crore in one day.
All eyes are now on those upcoming trade talks
It's a mix of global and local worries: The US dollar got stronger after an EU-US trade deal and with major central banks about to announce policy moves.
Plus, India's forex reserves just shrank by $1.18 billion.
All eyes are now on those upcoming trade talks—they could shake things up for both the rupee and exports in the weeks ahead.