Rupee falls 7 paise to 84.73 against US dollar in early trade
The Hindu
Rupee weakens against dollar due to demand from importers, foreign banks; RBI cuts CRR to boost liquidity.
The rupee fell 7 paise to trade at 84.73 against the U.S. dollar in early trade on Monday (December 9, 2024) dragged down by foreign fund outflows and a muted trend in domestic equities.
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 84.70 against the greenback, then touched 84.73 in the initial trade, registering a fall of 7 paise over its previous close.
On Friday (December 5, 2024), the rupee appreciated by 5 paise to settle at 84.66 against the U.S. dollar.
"On the domestic front, all eyes will be on Industrial Production (IIP) and CPI data following last week’s RBI monetary policy announcement. The 50-basis point CRR cut provided much-needed liquidity and lent support to the Rupee," CR Forex Advisors MD Amit Pabari said.
The Reserve Bank of India on Friday kept its key interest rate unchanged citing inflation risks, but cut the Cash Reserve Ratio that banks are required to park with the central bank, boosting money with lenders to support a slowing economy.
Mr. Pabari further said that a wave of IPO activity is expected to drive substantial inflows, offering additional support to the rupee.
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