the Indian rupee saw its steepest one-day drop in more than three months, slipping to an intra-day low of about ₹89.50against the U.S. dollar.  It opened at roughly ₹88.67 and dropped by 78–82 paise, signaling significant downward pressure.

Multiple factors contributed: weak equity markets domestically and abroad, a stronger dollar globally, and indications that the Reserve Bank of India (RBI) was less inclined to defend the key support level of ₹88.80/USD. Traders flagged that once the ₹88.80 mark was breached, “stop-loss” triggers and a short squeeze accelerated the slide.

The downturn underscores broader vulnerabilities: India’s trade prospects (especially any delay in a U.S. trade deal), sanctions concerns over oil imports, and yield pressures after bond rates ticked higher. For policymakers and investors, the breach of the ₹89 threshold is a cautionary signal — spotlighting the need for monitored currency management and resilience to external shocks.