Finance Desk – The Indian rupee dropped to its lowest ever value of 85.24 against the US dollar on Thursday. This happened because the returns on US government bonds are very high right now, and oil prices are rising, making it costlier.
The US dollar is also very strong compared to other important currencies, which affects the rupee.
Other currencies in Asia are also struggling against the dollar for similar reasons, like political uncertainties and economic issues globally.
In short, the rupee is facing a tough time because of high oil prices, a very strong dollar, and rising US interest rates. This reflects wider challenges that are affecting currencies all over the world.
