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Market move▼ Bearish for Indian equities
Rupee Breaches 96 Per Dollar Level For The First Time Since July 24
The brief
- The rupee breached 96 per US dollar at the open and continued depreciating
- It was the first breach of 96 since July 24
- Rupee weakness raises costs for Indian importers, while supporting exporters such as IT companies
- India forex reserves surge to a record high in September and to provide cover for 11.2 months of goods imports, says RBI
- India's forex reserves fall $14.89 billion to $766 billion
- Russian crude supplies enabled India to cushion against oil supply shocks caused by West Asian war: Deputy FM
- Economy resilient with downside risks from West Asia conflict: RBI bulletin
- RBI says resilient domestic economy cushions India against rising global risks