The Indian rupee has suffered its biggest fall in history. The value of the Indian currency has fallen to an all-time low against the US dollar.
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On Tuesday (December 10), the rupee fell to 84.85 against the dollar for the first time.
According to a report by the news agency Reuters, the value of the Indian rupee against the US dollar continues to fall. The currency fell to its lowest point in history on Tuesday. On this day, the rate of the Indian currency per dollar stood at 84.85 rupees.
At the same time, the yield on 10-year government bonds (the rate of income received from investing in bonds) fell by 2 basis points to 6.6954 percent.
Earlier, the value of the Indian rupee fell against the dollar on December 4. At that time, the rupee fell to 84.75 against the dollar. This time, it has surpassed that and one dollar is worth 84.85 rupees.
The announcement of Sanjay Malhotra as the new governor of India’s central bank has raised expectations of a rate cut, Reuters reported.
Malhotra will take office on Wednesday (December 11). The six-year term of outgoing governor Shaktikanta Das ended on Tuesday.
