The Indian rupee experienced a significant decline against the US dollar, marking its most substantial one-day drop in a fortnight as it closed at 87.33. This depreciation was primarily attributed to heightened demand for the dollar and the devaluation of the Chinese yuan. Although certain banks intervened by selling dollars to provide some stability, the rupee's performance was still overshadowed by the ongoing sell-offs in the domestic stock markets and prevailing global economic uncertainties.