Rupee hits all-time low: For the Indian economy, the sustained pressure on the rupee could translate to higher import costs and a potential rise in inflation.
The Indian rupee plunged to a record low, crossing 86 against the US dollar on Monday, as stronger-than-expected US jobs data spurred concerns over potential delays in interest rate cuts by the Federal Reserve.
The rupee opened at 86.2050, weaker than Friday’s close of 85.9650, reflecting market pressure.
The US Labour Department reported that employers added 256,000 jobs last month, significantly higher than the 160,000 predicted by economists in a Reuters poll. Additionally, the unemployment rate declined to 4.1%, underscoring the strength of the US labor market.