Rupee falls 4 paise to close at all-time low of 84.43 against U.S. dollar
The Hindu
USD/INR pair hits all-time low at 84.43 due to inflation, foreign outflows, and strong dollar demand.
The rupee traded in a tight range and fell 4 paise to close at an all-time low of 84.43 (provisional) against the U.S. dollar 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 U.S. dollar. During the session, the local currency touched a high of 84.39 and a low of 84.43. It finally settled at its fresh all-time low of 84.43 (provisional) against the greenback, 4 paise lower than its previous close.
On Wednesday, the rupee moved in a narrow range and settled flat at 84.39 against the U.S. dollar.
"The US dollar index has hit a fresh cycle high of 106.76 as it approaches the stiff resistance at 107.50," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
"There was no respite on the US inflation front as the data released yesterday showed that the U.S. core consumer price index increased 0.3% for a third month. It was up 3.3% on a year-on-year basis," Mr. Singh said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.30% at 106.80.
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