Rupee falls 14 paise to all-time low of 84.23 against U.S. dollar in early trade

At the interbank overseas exchange, the rupee opened astatine an all-time debased of 84.23 against the greenback, registering a autumn of 14 paise implicit its erstwhile close. File | Photo Credit: The Hindu

The rupee fell 14 paise to an all-time debased of 84.23 against the U.S. dollar successful aboriginal commercialized connected Wednesday (November 6, 2024), dragged down by persistent overseas money outflows and the spot of the American currency successful the overseas market.

Forex traders said with the U.S. election underway, markets are already showing signs of volatility — a inclination apt to calm erstwhile a wide victor emerges successful this tightly contested race.

Also Read: U.S. Elections 2024 results update November 6, 2024

Moreover, the U.S. Fed is expected to denote a complaint chopped successful a gathering scheduled aboriginal this week, with further easing of up to 100 ground points projected for 2025.

At the interbank overseas exchange, the rupee opened astatine an all-time debased of 84.23 against the greenback, registering a autumn of 14 paise implicit its erstwhile close.

On Tuesday (November 5, 2024), the rupee settled 2 paise higher astatine 84.09 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading 1.64% higher astatine 105.11.

“The dollar scale roseate aft Trump went up successful the U.S. predetermination archetypal results and was besides starring successful the Senate and House,” said Anil Kumar Bhansali, Head of Treasury and Executive Director astatine Finrex Treasury Advisors LLP.

Brent crude, the planetary lipid benchmark, fell 0.98% to $74.79 per tube successful futures trade.

“All volition beryllium connected RBI arsenic to wherever it volition let the rupee to unfastened and however it volition determination depending connected intra-day predetermination results. Wide scope for rupee would beryllium 84.00 to 84.35,” Bhansali said.

On the home equity marketplace front, Sensex precocious 390.93 points, oregon 0.49%, to 79,867.56 points. The Nifty jumped 135.60 points, oregon 0.56%, to 24,348.90 points.

Foreign organization investors (FIIs) were nett sellers successful the superior markets connected Tuesday (November 5, 2024), arsenic they offloaded shares worthy Rs 2,569.41 crore, according to speech data.

Published - November 06, 2024 11:19 americium IST