INR slumps to record low above 85.10 per US dollar

The Indian rupee stayed weak, adding to latest losses. INR is quoting at 85.13, down 9 paise on the day and testing fresh record low. India's foreign exchange reserves dipped by $1.98 billion to $652.87 billion as of December 13, according to data shared by the Reserve Bank of India (RBI) on Friday. The Weekly Statistical Supplement released by the RBI showed that the primary contributor to this decline was the drop in Foreign Currency Assets (FCAs), which fell by $3 billion to $562.58 billion. The US dollar index stayed well supported, zooming up near 108 mark and holding just under two year highs as a recent uptick in treasury yields and steady economic trends kept sentiments positive for the US currency.

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