Rupee slips 1 paisa to all-time low of 84.40 against US dollar in early trade
The Hindu
Follow the The Hindu’s updates on rupee trading: Rupee hits all-time low against US dollar due to foreign outflows, inflation, and strong dollar demand, on November 14, 2024
The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Thursday (November 14, 2024), weighed down by unabated foreign fund outflows and strong dollar demand from investors.
Forex traders said the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.
At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close.
On November 13, 2024 the rupee moved in a narrow range and settled flat at 84.39 against the US dollar.
"... the Reserve Bank of India (RBI) has stepped up as the rupee’s primary protector. The central bank has intervened by selling dollars to support the currency, though this has led to a dip in India’s forex reserves, which now stand at USD 682 billion, down from a peak of USD 704 billion," CR Forex Advisors MD Amit Pabari said.
Pabari further added that "given the current landscape, the USD/INR is likely to trade within a range of 83.80 to 84.50, with a slight bias towards the lower end of this range." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.18 per cent at 106.66.
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