Rupee falls 7 paise against US dollar in early trade

Rep. image | Photo Credit: The Hindu

The rupee fell 7 paise to commercialized astatine 84.47 against the US dollar successful aboriginal commercialized connected Thursday (November 28, 2024) weighed down by a muted inclination successful home equities and spot of the American currency successful the overseas markets.

Forex traders said the latest Federal Open Market Committee (FOMC) minutes uncover a important displacement successful the Federal Reserve's outlook. The Fed is apt to enactment downward unit connected short-term involvement rates, reducing the entreaty of dollar-denominated assets and contributing to the diminution successful the Dollar Index.

At the interbank overseas exchange, the rupee opened astatine 84.45 and moved successful a choky scope and touched 84.47 against the greenback, registering a autumn of 7 paise implicit its erstwhile close.

On Wednesday, the rupee depreciated by 11 paise to adjacent astatine 84.40 against the US dollar.

"The 84.50 level remains a beardown enactment for the USD/INR pair. RBI interventions, coupled with anticipated superior inflows -- specified arsenic Godrej Properties' Rs 4,000 crore QIP and Univest's USD 16 cardinal superior rise -- are expected to enactment the rupee further," CR Forex Advisors MD Amit Pabari said.

Pabari further added that the USD/INR brace is apt to brushwood absorption adjacent the 84.50 mark, with expectations of trading wrong the 83.80 to 84.50 range, showing a flimsy downward bias.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading higher by 0.14 per cent astatine 106.22.

Brent crude, the planetary lipid benchmark, fell 0.18 per cent to USD 72.70 per tube successful futures trade.

Published - November 28, 2024 10:53 americium IST