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The rupee fell to a record closing low of 83.29 per dollar on November 1 ahead of the Federal Reserve's rate decision. Heavy dollar demand, elevated US Treasury yields and equity outflows weighed on the currency.
The Reserve Bank of India had intervened in the forwards and spot markets.
A weaker rupee raises the dollar cost of imported feed ingredients for India. The currency pressure reflects US rate expectations and capital flows rather than a grain supply change.
thehindubusinessline.comReutersNov 1, 2023Not 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.
