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The Indian rupee hit a record low of 83.74 per dollar on Monday, pressured by month-end corporate dollar demand. The Reserve Bank of India likely sold dollars via state-run banks to cap losses.
A weaker rupee lowers India's import costs in dollar terms only at the margin, but it signals sustained pressure on Indian buyers of dollar-priced feed inputs and can encourage Indian export selling of commodities like rice and meal.
theprint.inReutersJul 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
