INR slumps near 85.30 per US dollar, forex reserves near five month low

Indian Rupee continues to turn lower as a break above 85 per US dollar pulls it to new lows. The INR currently quotes at 85.27 per US dollar, down 12 paise on the day. Market is cautious about recent moderation in economic growth and a spike in imports in November. India's foreign exchange (forex) reserves are sufficient to meet over 11 months of import needs and nearly 96 per cent of external outstanding debt requirements as of the end of June 2024, latest Reserve Bank of India (RBI) data showed. However, recently the forex reserves have dropped, hitting a five month low. According to Friday's data, the forex reserves slumped by $1.988 billion to $652.869 billion in the week ending December 13. Meanwhile, the US dollar index is holding flat around 108 mark, not very far from two year high.

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