Rupee recovers 10 paise to end at 84.78 against U.S. dollar
The Hindu
Rupee rebounds from all-time low, gains 10 paise against dollar on strong equity markets and easing inflation.
The rupee rebounded from its all-time low level and settled with a gain of 10 paise at 84.78 (provisional) against the U.S. dollar on Friday (December 13, 2024), buoyed by a strong recovery in domestic equity markets and easing inflation data.
However, a strengthening American currency overseas and foreign fund outflows restricted the positive bias in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 84.87 and touched the intra-day high of 84.77 against the greenback. The unit finally ended the session at 84.78 (provisional) against the dollar, logging a gain of 10 paise from its previous closing level.
On Thursday (December 12, 2024), the rupee fell 5 paise to settle at the lowest-ever level of 84.88 against the U.S. dollar. The previous record low closing level was recorded on December 9, when the unit settled 20 paise lower at 84.86 against the dollar.
The latest official data released on Thursday (December 12, 2024) showed India’s retail inflation eased in November to 5.48% and came within the Reserve Bank’s comfort zone mainly due to lower food prices, creating headroom for a rate cut at the central bank’s rate-setting panel meeting under new Governor Sanjay Malhotra in February.
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