Traders attributed at least part of the slide to the RBI's reluctance to intervene, breaking with the practice of recent months as the currency weakened largely due to an elusive trade deal with US
The rupee clawed back some losses after the RBI intervened heavily in spot and NDF markets, helping arrest its slide toward 90 per dollar even as global dollar strength
The Congress on Monday took a jibe at Prime Minister Narendra Modi over the rupee's "free fall" in relation to the dollar and recalled his 2013 remarks as then Gujarat chief minister in which he had mocked the UPA dispensation. The rupee opened at 89.46 against the US dollar before rising to 89.17, up 49 paise from its previous close. The rupee had plunged 98 paise to close at its lifetime low of 89.66 against the US dollar on Friday, due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties. Taking a swipe at the government, Congress general secretary in-charge communications Jairam Ramesh said on X, "The rupee continues its free fall in relation to the dollar. It is now about to breach the 90 rupees to the USD low." Does the PM recall what he himself had said in July 2013, the Congress leader asked and shared the video from the time. Look at how fast rupee is falling. Sometime
RBI's absence in the market may be behind the sharp fall
Rupee sees sharp fall: The domestic currency fell as much as 83 paise to 89.54 on Friday, according to Bloomberg
Indian Rupee today: The domestic currency opened four paise lower at 88.63 against the greenback on Thursday
Indian Rupee today: The domestic currency closed two paise higher at 88.59 against the greenback on Wednesday, according to Bloomberg
Indian Rupee today: The domestic currency opened 4 paise higher at 88.57 against the greenback and rose to 88.53 in opening deals
Indian Rupee today: The domestic currency closed 3 paise higher at 88.61 against the greenback on Tuesday, according to Bloomberg
Indian Rupee today: The domestic currency opened 2 paise lower at 88.66 against the greenback on Tuesday
Indian Rupee today: The domestic currency closed 10 paise higher at 88.64 against the greenback on Monday
Indian Rupee today: The domestic currency opened 3 paise higher at 88.71 against the greenback on Monday
Indian Rupee today: The domestic currency closed 8 paise lower at 88.74 against the greenback on Friday
The biggest risk to the bottoming out of the rupee, Wood believes, is the continuing resort to handouts in state election politics which have been a feature for the past two years
Indian Rupee today: The domestic currency opened 6 paise lower at 88.72 against the greenback on Friday
Indian Rupee today: The domestic currency closed 3 paise lower at 88.66 against the greenback on Thursday
Indian Rupee today: The domestic currency opened 2 paise lower at 88.65 against the greenback on Thursday
Indian Rupee today: The domestic currency closed 7 paise lower at 88.63 against the greenback on Wednesday
Indian Rupee today: The domestic currency opened 6 paise lower at 88.62 against the greenback on Wednesday
The dollar index was largely steady at 99.55, against the previous close of 99.62. It measures the strength of the greenback against a basket of six major currencies