Rupee opens on flat note, rises 1 paisa to 84.07 against U.S. dollar in early trade
The Hindu
Rupee rises slightly against dollar amid strong dollar, foreign fund outflows; RBI intervention expected to support local currency.
The rupee opened on a flat note and rose 1 paisa to 84.07 against the U.S. dollar in initial deals on Thursday (October 31, 2024), as strong dollar and persistent foreign fund outflows dented investor sentiments.
Forex traders said that the rupee remained range-bound as month-end demand kept the U.S. dollar well-bid.
“Moreover, a muted trend in domestic equities weighed on the local unit, while any intervention by the Reserve Bank of India (RBI) may support the local currency at lower levels,” they said.
At the interbank foreign exchange, the rupee opened at 84.08 against the greenback; it rose 1 paisa to 84.07 in initial trade.
On Wednesday (October 30, 2024), the rupee depreciated 3 paise to close at 84.08 against the U.S. dollar.
The local currency has been hovering around its all-time low level. The rupee touched its lowest closing level of 84.10 against the dollar on October 11.
“The rupee has been trading below the 84-level for the majority of October, but the recent pressure is primarily due to domestic factors, notably month-end dollar demand from local oil companies,” CR Forex Advisors MD Amit Pabari said.
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