REUTERSIndian twenty rupee currency notes are displayed at a roadside currency exchange stall in New Delhi, India, May 24, 2024. REUTERSThe Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market. The decline past the 84 level is significant as the Reserve Bank of India (RBI) had defended that level for more than two months. India's shrinking balance of payments surplus amid a rise in merchandise trade deficit has also kept the rupee under pressure. A pickup in gold imports alongside a slowdown in exports drove India's merchandise trade deficit to a 10-month high in August.
