Rupee falls 4 paise to all-time low of 84.76 against U.S. dollar in early trade
The Hindu
Rupee hits all-time low against US dollar due to Trump's tariff threat, geopolitical tensions, and foreign outflows.
The rupee fell 4 paise to all-time low of 84.76 against the U.S. dollar in early trade on Tuesday, as the strength of the American currency in the overseas market and unabated foreign portfolio outflows dented investor sentiments.
Forex traders said the depreciation in rupee was largely on the back of Donald Trump's rhetoric on BRICs currency, political instability in the Eurozone, weaker domestic macroeconomic indicators and unabated foreign portfolio outflows.
President-elect Donald Trump on Saturday threatened a 100% tariff on the BRIC bloc of nations if they act to undermine the U.S. dollar.
Moreover, market participants are also awaiting cues from the upcoming RBI monetary policy on December 6, which will likely focus on balancing inflation and growth.
At the interbank foreign exchange, the rupee opened at 84.75 and moved in a tight range and touched all-time low of 84.76 against the greenback, registering a fall of 4 paise over its previous close.
On Monday, the rupee depreciated 12 paise to close at an all-time low of 84.72 against the U.S. dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.07% at 106.51.
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