The Indian rupee has weakened to a record low against the US dollar, reaching 83.5125, influenced by rising US yields, a strong dollar impacting regional sentiment, and Middle East concerns. The decline is also linked to the Fed's rate outlook and comments about a 'higher for longer' policy by Mr. Powell. The Reserve Bank of India (RBI) is reportedly taking steps to curb further decline of the rupee. Other regional currencies like the Korean Won and Indonesian Rupiah also experienced significant weakening, with the Won crossing 1,400 per dollar for the first time since 2022, and the Rupiah weakening past 16,000 per USD, marking its first such decline since 2020.