Indian Rupee hits its all-time lowest value

The Indian economy is currently facing a challenging period. Although growth for the July-September quarter of this fiscal year was initially projected to exceed 6%, it has instead slowed to 5.4%, marking an 18-month low. This downturn has also affected the value of the rupee. On Tuesday, the exchange rate of one US dollar reached 84.75 rupees, pushing the Indian rupee to its lowest point ever against the dollar. Many worry that the rupee's depreciation could have been even steeper. However, the Reserve Bank of India (RBI) stepped in to mitigate the situation. The RBI sold dollars through state-owned banks to absorb rupees from the market, which helped to stabilize the exchange rate to some degree. Despite this intervention, business leaders remain concerned about the ongoing decline of the rupee, as the RBI has been taking similar steps for several months to prevent further depreciation.