Rupee opens on flat note at 84.08 against U.S. dollar
The Hindu
Rupee opens flat against U.S. dollar, influenced by foreign fund outflows, strong dollar, and domestic equity trends.
The rupee opened on a flat note and depreciated 1 paisa to 84.08 against the U.S. dollar in initial deals on Tuesday (October 29, 2024), as persistent foreign fund outflows and the strength of the American currency in the overseas market dented investor sentiments.
Forex traders said a muted trend in domestic equities and strong dollar weighed on the local unit, while easing crude oil prices and any intervention by the Reserve Bank of India (RBI) may also support the local currency at lower levels.
At the interbank foreign exchange, the rupee opened at 84.08 against the greenback. In the initial trade, it touched 84.07.
On Monday (October 28, 2024), the rupee settled 1 paisa higher at 84.07 against the U.S. dollar.
The local currency touched its lowest closing level of 84.10 against the dollar on October 11.
According to traders, the rupee remains under intense pressure, mainly due to persistent foreign fund outflows.
“The Indian rupee remained in a range of 2 paise on Monday (October 28, 2024) and is expected to remain in the same small range as foreign portfolio investors continue to buy dollars,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
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Rupee trades range-bound, appreciates slightly against USD, impacted by foreign fund outflows and strong dollar.