Rupee nears record low at 88.79, slips 0.78% in September
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Overall, the currency has fallen by ₹0.69 since the start of the month, representing a decline of approximately 0.78% against the dollar. | Credits: File photo
Rupee nears record low at 88.79, slips 0.78% in September
The Indian rupee neared its record low, closing September at ₹88.79 per dollar, a 0.78% decline. Despite trading within a narrow range, it hit an all-time low of ₹88.81 before slightly recovering. Market sentiment remains fragile amid U.S. tariff tensions and a looming government shutdown, while the RBI's upcoming policy decision adds to the uncertainty.
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The currency seems eager to find a direction, but each time it gains momentum, U.S. president Donald Trump intervenes with another twist, keeping markets on edge
Overall, the currency has fallen by ₹0.69 since the start of the month, representing a decline of approximately 0.78% against the dollar. | Credits: File photo
The rupee showed weakness and declined by nearly 69 paise in September, showed data by Morningstar, an investment research company. The Indian currency declined from ₹88.10 per dollar on September 1 to ₹88.79 on September 30.
Overall, the currency has fallen by ₹0.69 since the start of the month, representing a decline of approximately 0.78% against the dollar. During the month, the rupee traded within a narrow range but touched an all-time low of ₹88.81 per dollar on September 29 before recovering slightly.
On Tuesday, the rupee was trading at 88.79, near its all-time low. This marks the second notable decline of the rupee this month.
According to analysts, the rupee has spent the past few days moving within a narrow range, hovering around its previous all-time low of 88.70, a clear sign of how fragile sentiment remains.
The currency seems eager to find a direction, but each time it gains momentum, U.S. president Donald Trump intervenes with another twist, keeping the markets on edge. Just when markets thought they had priced in his tantrums on visas and branded drugs, Trump took his 'tariff trail' to a new stage—the film industry.
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Not stopping there, he also vowed to impose tariffs on furniture imports, after announcing levies of up to 50% just last week. The tariff drama shows no sign of slowing, leaving markets bracing for new disruptions.
While Trump’s tariff saga continues, Washington faces another crisis. With U.S. government funding set to run out at midnight on Tuesday, Republicans and Democrats remain deadlocked, raising the risk of a shutdown starting Wednesday, the first day of the new fiscal year.
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“Such episodes typically affect the dollar, but this time the risk runs deeper. At the same time, this could support emerging market currencies, including the rupee,” said Amit Pabari, MD and CEO, CR Forex Advisors. “The tilt appears slightly in favour of appreciation, with supportive rate dynamics and optimism from ongoing trade discussions lending strength. Resistance for the rupee is placed in the 89.00–89.20 region, while support holds around 88.40,” he added.
Closer to home, the market stays cautious ahead of RBI’s Monetary Policy Committee decision on Wednesday. The panel is widely expected to maintain status quo.