Rupee falls to low of 84.09/$ – Times of India


MUMBAI: The rupee dipped to a low of 84.09 in intraday trades before closing flat at 84.08 in the interbank forex market on Wednesday. The dollar strengthened against most international currencies as markets reduced expectations of a 50 basis point cut in interest rates by the US Federal Reserve.
Dealers also noted that the possibility of a Trump win is supporting the dollar, while the rupee faces ongoing pressure from sustained sales by foreign institutional investors.KN Dey, a forex consultant, said, “The volatility in currency markets will continue and may extend till Jan 2025, when the new US President takes over on Jan 20.” The Dollar Index has surpassed 104 amid speculation that last month’s 50 basis point rate cut was premature and thus, decreasing chances of higher US rate cuts.
Dealers said that the rupee had weakened to 84.19 in the non-deliverable forward market. However, RBI is ensuring that there is minimum volatility in the spot market selling dollars so that the rupee trades in a narrow range.





Source link

support@headlinenews360.com

Related Posts

IDBI stake sale likely by end of FY26: Dipam secretary – Times of India

NEW DELHI: With due diligence for the sale of govt stake in IDBI Bank completed, Centre is all set to invite financial bids during the Dec quarter as it expects…

Street vendor push: Loan hike, credit cards okayed | India News – Times of India

NEW DELHI: Govt has approved higher subsidised loans for street vendors under the second phase of PM SVANidhi scheme and expanded its coverage by bringing around 50 lakh more beneficiaries…

Leave a Reply

Your email address will not be published. Required fields are marked *