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2025-10-30 20:04:04
[Rate Cut Expectations Freeze Rupee to Record Low of Just 6 Basis Points] ⑴ Traders drastically reduced their bets on a December rate cut by the Federal Reserve on Thursday, sending the Indian rupee down 0.6% to 88.7437 against the dollar, its biggest one-day drop since August 29, just 6 basis points from its September record low of 88.8050. ⑵ Sources said the Reserve Bank of India sold dollars earlier this month to hold the level, but no significant intervention was seen in the spot market on Thursday, allowing short sellers to increase their positions. ⑶ The head of finance at Finrex Treasury Advisors pointed out that Asian currencies were generally under pressure, with the rupee being the most affected by the central bank's absence; a break below the record could send it straight to 89.50. ⑷ Analysts at Kotak Securities warned that if 88.8050 is breached, the next target will be the psychological level of 90, and short-term option obstacles could trigger an accelerated slide.
