Rupee recovers from all-time low to settle 6 paise higher at 84.40 against U.S. dollar
The Hindu
Rupee gains 6 paise against dollar, supported by retreating American currency and limited FII selling activity.
The rupee recovered from its all-time low level and settled with a gain of 6 paise at 84.40 (provisional) against the U.S. dollar on Monday (November 18, 2024), backed by a retreating American currency.
Forex traders said, the recovery in the local unit was capped by the unabated withdrawal of foreign funds amid lacklustre sentiment in the domestic equity markets as well as an upward movement in crude oil prices.
At the interbank foreign exchange, the rupee opened at 84.42 and touched the intra-day high of 84.37 against the greenback during the session. It finally settled at 84.40 (provisional) against the dollar, up 6 paise from its previous close.
On Thursday (November 14, 2024), the rupee fell 7 paise to settle at its all-time low of 84.46 against the U.S. dollar.
The Forex market was closed on Friday on account of Guru Nanak Jayanti.
“This minor support for the rupee was further aided by a reduction in FII selling activity in recent days, with expectations that sell-off pressure will remain limited due to the upcoming state elections in Maharashtra.”
"The rupee is expected to find support in the 84.45-84.52 range, while resistance is projected around 84.25-84.30," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Gold and silver prices drop due to reduced demand, global factors, and market uncertainties, impacting futures trading.
Uber launches water transport service in India, starting with shikara rides at Dal Lake in Srinagar.
Benchmark indices Sensex and Nifty rise on blue-chip stocks, firm US markets, and global oil prices, despite economic slowdown.
Rupee hits all-time low against dollar on Trump tariff threat, disappointing data, and foreign fund outflows.
Government scraps windfall profit tax on crude oil and fuel exports due to declining international oil prices.
HSBC India PMI shows slowing factory activity, rising input costs, and strong export orders driving manufacturing growth.
North East Tea Association opposes mandatory public auction for tea sales, citing hindrance to ease of doing business.
November GST revenues show slower growth in gross receipts at 8.5%, but net revenues increase by 11.1%.
RBI likely to keep interest rates unchanged due to high inflation and low GDP growth, experts predict.
Union Minister Nirmala Sitharaman distributes loans in Bihar, emphasizing women's role in India's development by 2047.
Foreign investors withdrew $2.56 billion from Indian equity market in November due to various economic factors.