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Rupee drops below 84 per dollar on equity outflows, oil prices

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Rupee drops below 84 per dollar on equity outflows, oil prices

- Indian rupee falls below 84 per dollar for the first time on concerns of oil prices and foreign outflows from equity market. - The Reserve Bank of India (RBI) had defended the 84 level, but the rupee breached it on Friday. - RBI intervened by instructing state-run banks to sell dollars to prevent a sharp fall in the rupee. - The rupee may face further pressure, but the RBI is expected to only allow marginal depreciation to maintain stability. - Factors contributing to the rupee's decline include rising oil prices, foreign selling of Indian shares, and a widening trade deficit leading to a shrinking balance of payments surplus. - Asian currencies have performed better than the rupee recently, while expectations rise for the Indian central bank to cut rates.

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