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MUMBAI: The Indian rupee sank to a new record low on Monday, following the pound’s tumble and fears over more aggressive monetary tightening, with traders saying the Reserve Bank of India likely sold dollars to contain the decline.

The rupee hit a record low of 81.5525 per dollar, down from 80.99 in the previous session.

Indian rupee seen at record low as dollar, US yields surge; RBI eyed

The intervention by the RBI was confirmed to Reuters by four traders. “The reason rupee is managing to cling on to 81.50 is the RBI,” a private bank trader said.

“But the supply of dollars by the RBI is getting easily absorbed.”

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samir sardana Sep 27, 2022 12:43am
THE INDIAN INR AND ECONOMY ARE DOOMED ALL INDIAN EXPORTS MARKETS ARE DECIMATED.EU HAS TO WORRY ABOUT SLEEPING ON TEAK BEDS OR BURNING TEAK IN WINTERS FOR HEAT AND COOKING FOOD US IS IN RECESSION INDIAN IMPORTS ARE 65 BILLION USD,PER MONTH EXPORT CAPACITIES GONE MEANS, CAPACITY COSTS ARE NOT RECOVERED ,JOBLOSSES = REDUCTION IN DEMAND = LOWER SALES IN DOMESTIC MARKETS = LOWER PROFITS = BANK NPA WILL RISE SOME INDIAN FOOLS SAY THAT REDUCTION IN COMMODITIES RATES WILL LOWER COSTS OF INDUSTRY ! NEIN ! INDIAN GST REVENUES WILL FALL AND SO GOI WILL NOT PASS THROUGH PRICE CUTS IN OIL AND GAS AND MAY HIKE GST OR IMPORT DUTIES. THIS ALSO MEANS COMPLETE INVESTMENT FREEZE BY INDIAN INDUSTRY -AND EASY WAY TO CUT COSTS = SACK STAFF INDIA HAS A TRADE DEFICIT OF 35 BILLION,PER MONTH (ASSUMING EXPORTS) INDIA WILL NOW HAVE TO PAY THE PRICE OF 1.3 BILLION PEOPLE ! THE RBI FX POOL WILL BE SLICED. dindooohindoo AND THAT WILL DOOM THE EXIM TRADES IN INR (no one trades in a doomed FX)
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