A record low has been hit by the Indian Rupee for the sixth consecutive session as broad dollar strength continues to be observed.

The Indian rupee was weakened to its all-time low for the sixth consecutive trading session on Tuesday as a rise in U.S. bond yields boosted the dollar, and strong demand for the greenback from importers added to the lingering pressure on the local currency. The rupee declined to 85.2075 against the U.S. dollar, surpassing its previous record low of 85.12 hit on Monday. The session ended with the rupee at 85.20, reflecting a 0.1% decline on the day.

In addition to the broader dollar strength, other factors such as concerns over global economic conditions, high crude oil prices, and domestic economic challenges in India, including inflationary pressures and trade deficits, have contributed to the continued depreciation of the Rupee.

This prolonged weakness of the Rupee could have significant implications for India’s economy, particularly in terms of rising import costs, inflation, and pressures on foreign exchange reserves. The Indian central bank may intervene to stabilize the currency or adjust monetary policy in response to the ongoing depreciation.