Simultaneously, in the interbank market, the dollar gained Rs1.88, reaching an unprecedented high of Rs 299.01. This marks its weakest closing since it reached 298.93 on May 11 earlier this year.

This situation signifies the rupee’s lowest point against the US dollar. It’s worth noting that on May 11, 2023, it concluded at the then-record low of 298.93. In the most recent update on Monday, the dollar’s closing rate was Rs 297.13.

The rupee has encountered significant pressure lately due to the widening current account deficit. This pressure is exacerbated by the easing of restrictions on opening letters of credit, which has had a negative impact on the currency. Additionally, the lack of substantial foreign exchange inflows has intensified the pressure on the dollar’s position in the local market.