The Indian rupee fell to an all-time low on Friday, as maturing non-deliverable forwards and currency futures boosted dollar demand, while the sharp fall led to panic dollar buying by importers. The rupee weakened to an all-time low of 85.

Rupee hits record low at 85.50 against dollar due to strong greenback and month-end demand, despite equity market gains.

India’s import bill is expected to increase by about $15 billion due to INR depreciation impact, says Global Trade Research Initiative (GTRI).

The Indian rupee weakened to an all-time low on Friday, hurt by persistently strong dollar demand in the non-deliverable forwards (NDF) market, while likely intervention by the Reserve Bank of India (RBI) capped the currency's losses.