Rupee Records Worst Fall in a Day Since February 2023

New Delhi: The rupee recorded an 88 paise fall and closed on 85.71 against the dollar, it’s worst day since February 2023.

Earlier, the rupee had closed at 84.83 on Wednesday (May 7). On Thursday (May 8), it had hit a new low of 85.76 against the dollar, reported the Times of India.

After registering a rise in the initial session, the rupee had remained steady but soon after the government announced that Pakistan has targeted several military locations, it witnessed a decrease.

Equity markets too registered a sharp fall in wake of the escalation.

Some dealers are forecasting that the rupee could even breach the 86 level if tensions continue.

Back in February, Indian rupee had dropped to Rs. 87.95 per US dollar.

The continued fall of the rupee has become a major matter of concern for the market. US President Donald Trump’s imposition of tariffs on countries including India has added to the woes of the already declining rupee.