NEWS Desk Global
RUPEE DROPS BELOW 84 PER DOLLAR ON EQUITY OUTFLOWS AND OIL PRICES
The Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market. The rupee closed at 84.06, down 0.1% on the day, after hitting a record low of 84.07 earlier in the session.
The decline past the 84 level is significant as the Reserve Bank of India (RBI) had defended that level for more than two months. On Monday, it informally instructed banks to avoid heavy bets against the rupee.
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