India ramped up use of a key tool for defending the rupee to record levels as the currency weakened to an all-time low against the dollar, according to people familiar with the matter.
India ramped up use of a key tool for defending the rupee to record levels as the currency weakened to an all-time low against the dollar, according to people familiar with the matter.
Local shares have shed more than $600 billion in market value this year.
An employee counts US dollar banknotes at a currency exchange in New Delhi, India, on Saturday, Aug. 30, 2025. The Indian rupee slumped to a record low versus the dollar on concern that 50% US tariffs will hurt the country's economic growth and corporate earnings. Photographer: Prakash Singh/Bloomberg
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