GUWAHATI: The Indian rupee tumbled by 23 paise to an all-time low of 86.27 against the US dollar in early trade on Monday, January 13.
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Opening at 86.2050, the rupee fell further from its previous close of 85.9650 on Friday. The currency’s decline has implications for the Indian economy, as a weaker rupee drives up import costs, particularly for crude oil, exacerbating inflationary pressures.
Meanwhile, Indian equity markets extended their recent losses, with benchmark indices plunging sharply in early trade. The S&P BSE Sensex dropped by 657.97 points to 76,720.94, while the NSE Nifty50 fell 199.60 points to 23,231.90 by 9:20 AM. The sell-off was broad-based, with decline in auto, banking, and metal stocks leading the downturn.
The currency’s fall and the continued slide in stock markets highlight the challenges facing the Indian economy amid global uncertainties and rising inflation concerns.