Rupee hits historic low of 96.87 as US yield shock, $110 crude intensify selling pressure
The Indian rupee is facing record lows against the dollar, reaching 97/$, as peace talks between the US and Iran stall and US Treasury yields rise. Inflation concerns and geopolitical tensions are driving this decline, which is impacting the stock market and creating a large balance of payments deficit. The government has already raised fuel prices twice in a week and more increases are expected.