The Indian rupee plunged to a record low of 83.4250 against the US dollar due to robust month-end demand from importers and domestic oil companies.
The Reserve Bank of India (RBI) intervened to prevent further losses, selling dollars to stabilize the currency. Despite these efforts, the rupee closed slightly higher than its intra-day low of 83.45, marking a 0.1% decline for the day and a 0.7% drop for the week, its sharpest weekly fall in seven months.