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Rupee hits record low as dollar index shines

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Rupee hits record low as dollar index shines

The domestic currency rupee hit a record low of 86.65 against the dollar on Friday. The depreciation in the rupee came after the dollar index extended its gains from the previous day. The dollar index was bolstered by the European Central Bank’s rate cut of 25 basis points. 

The dollar index also got a boost after US President Donald Trump again warned of a 25% tariff on Canada and Mexico. Since US President Trump took over the Whitehouse (January 20, 2025), the Indian rupee has fallen 0.5% as of January 31, 2025. 

At 1200 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was up 0.34% at 108.17.

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