The Indian rupee fell to a record low on Tuesday following the appointment of new RBI Governor Sanjay Malhotra. Market speculation of potential interest rate cuts under his tenure added pressure to the currency.

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• Rupee reached a record low of 84.80, surpassing last week’s 84.7575.
• Sanjay Malhotra appointed as the new RBI Governor.
• Malhotra previously served as Revenue Secretary in the Finance Ministry.
• His appointment raised expectations of an accommodative monetary policy.
• Nomura predicts an interest rate cut as early as February.
• RBI intervened by selling dollars to support the rupee.
• Reports indicate dollar sales by state-owned banks to stabilize the currency.
• Malhotra’s tenure as Governor begins with a three-year term.
• Global market trends also contributed to the rupee’s weakness.