Rupee falls 14 paise to all-time low of 84.23 against U.S. dollar in early trade
The Hindu
Rupee hits all-time low against dollar due to foreign fund outflows, U.S. election volatility, and Fed rate cut expectations.
The rupee fell 14 paise to an all-time low of 84.23 against the U.S. dollar in early trade on Wednesday (November 6, 2024), dragged down by persistent foreign fund outflows and the strength of the American currency in the overseas market.
Forex traders said with the U.S. election underway, markets are already showing signs of volatility — a trend likely to calm once a clear winner emerges in this tightly contested race.
Also Read: U.S. Elections 2024 results update November 6, 2024
Moreover, the U.S. Fed is expected to announce a rate cut in a meeting scheduled later this week, with further easing of up to 100 basis points projected for 2025.
At the interbank foreign exchange, the rupee opened at an all-time low of 84.23 against the greenback, registering a fall of 14 paise over its previous close.
On Tuesday (November 5, 2024), the rupee settled 2 paise higher at 84.09 against the U.S. dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 1.64% higher at 105.11.
