The rupee fell to 88.16 against the U.S. dollar on Monday.
IT sector losses and foreign outflows weighed on the curre
ncy.
The U.S. dollar strengthened globally amid safe-haven demand.
Importers’ dollar demand added pressure on the rupee.
RBI likely intervened to limit intraday losses.
Energy prices also contributed to near-term cur
rency weakness.
Exporters booked profits, partially containing further depreci
ation.
Markets expect volatility ahead of the Fed policy announcement.
Rupee stability depends on fresh FPI inflows returning.
A break below 88.30 could lead to further weakness.