The rupee slipped to its weakest closing level on record on Thursday but fared better than its regional peers as state-run banks’ dollar sales countered a surging greenback and weakness in local stocks. The rupee closed at 84.40 against the dollar, down marginally from its close at 84.38 in the previous session. The currency was nearly unchanged week-on-week.
The dollar has surged since Donald Trump’s victory in the US presidential election, hurting emerging market assets. Trump’s likely tariffs and immigration policies could fuel inflation, potentially slowing and curtailing US rate cuts.
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