Rupee falls 2 paise to 84.49 against U.S. dollar in early trade
The Hindu
Rupee weakens against dollar due to demand from importers, FPIs, and foreign banks, trading at 84.49.
The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers.
Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks.
At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close.
On Thursday, the rupee depreciated 7 paise to close at 84.47 against U.S. dollar.
As FPIs sold ₹11,000 crore of shares on Thursday Indian rupee was constantly on the selling side against the U.S. dollar which surged to its highest at 84.51 before closing at 84.4850 with the Reserve Bank of India (RBI) protecting any fall beyond 84.50 for now, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP said.
"Good month-end demand for US dollar and FPIs buying it kept dollar well bid near to 84.50. Expect the buying to continue on Friday also," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.18% at 105.85.
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