Rupee falls 13 paise to all-time closing low of 85.65 against U.S. dollar
The Hindu
Rupee hits record low against U.S. dollar due to foreign fund outflows, strong greenback, and domestic economic concerns.
The rupee depreciated 13 paise to close at a fresh record low of 85.65 (provisional) against the U.S. dollar on Tuesday (December 31, 2024), ending the year with a sharp 3% loss on significant foreign fund outflows and a strong greenback in global markets.
Forex traders said the rupee has been under continued pressure amid the Federal Reserve’s cautious stance on rate cuts and the “Trump factor” driving up the dollar index (DXY) and U.S. 10-year bond yields.
Additionally, slowing domestic macroeconomic growth, widening trade deficit and persistent foreign fund outflows have further fuelled the rupee’s depreciation.
At the interbank foreign exchange, the rupee opened at 85.54 and touched the lowest level of 85.66 against the greenback during intra-day trade. The unit ended the session at 85.65 (provisional) against the dollar, registering a fall of 13 paise over its previous close.
On Monday (December 30, 2024), the rupee dropped 4 paise to 85.52 against the U.S. dollar.
The domestic unit has depreciated against the greenback by almost 3% from 83.16 on December 29, 2023, to 85.65 on December 31, 2024.
The local currency breached the crucial 84-level on October 10, surpassed 85-a-dollar mark on December 19 and even touched the life-time low of 85.80 intraday on December 27, recording the steepest single-day fall in nearly two years.
Benchmark indices Sensex and Nifty decline amid foreign fund outflows and renewed U.S. tariff hike concerns, impacting investor sentiment.
The rupee declines 7 paise to 89.97 against the U.S. dollar amid foreign fund outflows and rising crude prices.
India’s information technology firms are expected to report another muted quarter
Reliance Industries is considering purchasing Venezuelan oil if permitted for non-U.S. buyers, pending regulatory clarity.
BMW Group India achieves record sales of 18,001 units in 2025, driven by a 200% rise in electric vehicle sales.
India's economy is projected to grow 7.2% in 2025-26, offsetting U.S. tariff impacts with strong consumption and investment.
The source indicated, at present, India is dependent on Netherlands for such equipment.
Remmers Gruppe SE, an independent, family-owned German company into speciality construction chemicals and high-performance wood coatings, has announced to acquire 50.1% stake in Teknovace Wood Coatings Pvt. Ltd., one of India’s fastest-growing premium wood coatings companies in two trenches for ₹300 crore.
Silver prices plunge ₹12,500 to ₹2.43 lakh/kg, while gold declines ₹900 amid cautious investor sentiment ahead of key events.
43 frozen power projects worth ₹3 lakh crore completed through PRAGATI, enhancing governance and timely implementation since 2015.
Rupee drops 7 paise to 89.94 against the dollar, influenced by U.S. tariffs and weak domestic market sentiment.
Markets face a fourth day of losses as Sensex drops 780 points amid renewed U.S. trade uncertainties and foreign fund outflows.
A law used to calculate fines on the basis of a company’s global turnover will discourage breaches by multinationals, India’s antitrust watchdog told a court