Rupee drops 13 paise to all-time low of 84.73 against U.S. dollar
The Hindu
Rupee hits all-time low against dollar on Trump tariff threat, disappointing data, and foreign fund outflows.
The rupee depreciated 13 paise to close at an all-time low of 84.73 (provisional) against the U.S. dollar on Monday (December 2, 2024), on disappointing macroeconomic data and broad strength of the American currency in the overseas markets.
Forex traders said Asian currencies were down after Trump Rhetoric on BRICs currency, as the move may further strengthen the greenback.
President-elect Donald Trump on Saturday (November 30, 2024) threatened a 100% tariff on the BRIC bloc of nations if they act to undermine the U.S. dollar.
At the interbank foreign exchange, the rupee opened at 84.59 and touched the lowest level of 84.73 against the greenback during intra-day trade. The unit ended the session at an all-time low of 84.73 (provisional) against the dollar, registering a fall of 13 paise over its previous close.
On Friday (November 29, 2024), the rupee plunged 13 paise to settle at a fresh all-time low of 84.60 against the U.S. dollar.
Traders said disappointing macroeconomic data and persistent foreign fund outflows also dented investor sentiments.
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