The central bank is unwilling to let the currency breach its record low of 88.8050 per dollar level anytime soon, the person said.
The yen sank 1.5% to 149.73 yen on the dollar, its biggest one-day slide since May 12
The currency remained under pressure even as the dollar was on course to notch its worst week since August against major peers
The US dollar index has slumped nearly 10 percent in 2025, its steepest fall since 2017, as weak data, record fiscal deficits, Fed rate cut bets, and political turmoil erode confidence.
The rupee closed at 88.7175 against the U.S. dollar on Friday, little changed on the day but down 0.7% on the week, its steepest weekly fall since late August.
Currency moves in the early Asia session were more subdued after a volatile ride last week following a raft of rate decisions including that of the Fed, the Bank of England and the Bank of Japan
Trading in Asia was thinned with markets in Japan closed for a holiday, leaving currencies mostly rangebound in the early session
As global reliance on the US dollar declines, India cautiously adapts—balancing local currency trade, reserve diversification, and strategic autonomy to strengthen its financial resilience in an emerging multipolar global economy
The rupee plummeted to a record low and closed at 88.27 against dollar after touching an intra-day low of 88.38 on Friday.
Spot gold was up 0.7% at $3,469.84 per ounce by 1049 GMT, its highest since April 22 when it touched a record-high of $3,500.05
A rebound in the U.S. dollar index above 100 could trigger outflows from emerging markets, with Elara Capital warning of a potential reversal in fund flows.
The dollar index, which measures the US currency against six others, slipped to 96.688, its lowest since February 2022
The Iran-Israel conflict, which intensified in mid-June, has reversed the short-lived optimism spurred by temporary tariff freezes and trade deals earlier this year, bulletin said
A little more than half of 251 respondents think the US currency will regain its status as a safe asset as Iran and Israel continue to carry out attacks on each other.
History warns that the greenback may one day be superseded as the global trade currency
Spot traders are selling the currency against most peers, pushing down a gauge of the dollar to keep it near a three-year low on Wednesday ahead of the Fed’s policy decision later in the day
The US dollar is trading near two-year lows. Wall Street banks, including Morgan Stanley and JPMorgan Chase & Co., expect further weakness in the US currency due to likely interest-rate cuts, slowing economic growth, and ongoing fiscal and trade policy uncertainty.
On June 4, Indian rupee was under pressure due to dollar demand from oil companies, foreign investors, and importers
The US commerce secretary said some of these moves have posed challenges to the relationship and are 'really not the way to make friends in America'
The Reserve Bank of India had dollar repayments of near record high of $84.3 billion as of March as indicated by its net short forwards position
Stablecoins are digital currencies designed to maintain a stable value by pegging them to traditional assets, such as the US dollar, the euro, or commodities like gold
The Bloomberg Dollar Spot Index posted its strongest intraday gain since April 4, rising as much as one percent. The euro depreciated by up to 1.5 percent to $1.1084, marking its weakest daily performance of the year.
Firms are receiving more requests for transactions including hedges that sidestep the dollar and involve currencies such as the yuan, the Hong Kong dollar, the Emirati dirham and the euro
Trade deals are being pursued by countries amid tariff uncertainty
On May 7, rupee depreciated around 20 paise driven by sharp rise in geopolitical tensions