Rupee Drops to 85, Historic Low Against Dollar | Subscribe to Firstpost
The Indian rupee opened at 85.04 against the US dollar on December 19, weakening further from the previous close of 84.96. The depreciation comes after the Federal Reserve signalled only two more rate cuts in 2025. Meanwhile, the dollar index climbed to a two-year high of 108.086, reflecting its strength against major currencies due to the Fed's hawkish stance. The Indian stock market also fell, with Sensex and Nifty 50 dropping to 1%. The rupee has been under pressure for months due to foreign investment outflows and uncertainty surrounding the upcoming Donald Trump administration.
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