Rupee falls 3 paise to 84.83 against U.S. dollar in early trade
The Hindu
Rupee weakens to 84.83 against US dollar due to muted equities and high oil prices, RBI leadership transition impacts.
The rupee fell 3 paise to 84.83 against the U.S. dollar in early trade on Monday (December 16, 2024), dragged down by a muted trend in domestic equities and elevated crude oil prices.
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 84.83 against the greenback, registering a fall of 3 paise over its previous close.
On Friday (December 13, 2024), the rupee rebounded from its all-time low level and settled with a gain of 8 paise at 84.80 against the U.S. dollar.
Over the past week, the Indian rupee faced depreciation following the Reserve Bank of India's announcement of leadership transition.
The RBI kept a close eye on banking system liquidity and opted for a buy-sell swap to provide much-needed support to the rupee.
Additionally, Foreign Institutional Investors (FIIs) turning net buyers in December, following significant outflows in the past two months, is expected to lend further stability to the domestic currency, CR Forex Advisors MD Amit Pabari said.
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