Rupee crashes past 95/$, witnesses worst annual fall in 14 years
The Indian Rupee faced a noteworthy drop. It breaches the 95 per dollar mark. It marked the steepest decline in 14 years, with the last month being mainly challenging.
The Indian rupee plunges past 95 against the US dollar, marking its steepest annual decline in 14 years amid global economic pressures and currency volatility.
The rupee tumbled past the key 95-per-dollar mark on Monday. It has defying demands of a stronger year-end performance. INR depreciation FY26 with its steepest annual decline in 14 years and a drop about 11%.
In the month of February, coinciding with the Iran war was mainly brutal and accounted for a 4% refuse. The currency, which met an all-time low of 95.21/$. It had briefly advanced to 93.59/$ in the early hours and remains at its strongest level on Monday. The trading amplitude for the unit was one of the broadest on Mondays.
The currency was shored up by possible central bank intervention. It ended the session at 94.83, little changed from its last close.
A trader at a foreign bank said, "The rupee's moves today were hard to predict and even harder to trade. Had the RBI not stepped in past 95, the rupee's fall could have extended deeper".
The rupee declined 11% over India’s financial year, which runs from April to March, its steepest fall since 2011-12.
According to the Forex Market India, since April 1, other Asian currencies have also seen a sharp decline against the US dollar, with the Japanese Yen get fall by 6 per cent, the Philippine Peso by 5.74 per cent, and the South Korean Won by 2.88 per cent.
Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP said, "Rupee rose, but again fell due to some big corporate buying, squaring up of position in NDF, Nationalised banks buying and oil companies buying".
According to the experts, the local currency may trade in the range of 92-97 against the US dollar.
