Rupee Slides Past 86 Against Dollar as RBI Forex Intervention Effect Wears Off

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The Indian rupee has resumed its downward trajectory against the US dollar, erasing gains made following the Reserve Bank of India's foreign exchange intervention. The currency has depreciated by more than 0.8% since the start of the current fiscal year. On Monday, the one-month forward premium on the rupee was recorded at 3.17%, while the one-year forward premium stood at 2.83%. The fading impact of the RBI's forex measures has left the rupee under renewed pressure in currency markets.

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