Rupee falls 8 paise to hit all-time low of 84.50 against US dollar

The rupee depreciated 8 paise to settee astatine an all-time debased of 84.50 (provisional) against the U.S. dollar | Photo Credit: istock.com

The rupee depreciated 8 paise to settee astatine an all-time debased of 84.50 (provisional) against the U.S. dollar connected Thursday (November 21, 2024), dragged down by monolithic sell-off successful home equity markets and surging crude lipid prices amid a volatile geopolitical situation.

According to forex traders, the American currency strengthened owed to safe-haven entreaty amid escalating hostility betwixt Russia and Ukraine, portion the continuous outflow of overseas funds besides enactment unit connected the home unit.

At the interbank overseas exchange, the rupee opened astatine 84.41 and touched the lowest-ever level of 84.51 against the greenback during intra-day. The portion ended the league astatine 84.50 (provisional) against the dollar, surpassing its erstwhile all-time debased closing level of 84.46 recorded connected November 14.

On Tuesday (November 19, 2024), the rupee settled level astatine 84.42 against the U.S. dollar.

The overseas speech marketplace was closed connected Wednesday (November 20, 2024) owed to assembly elections successful Maharashtra.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the rupee weakened arsenic unit mounted owed to the dollar scaling higher supra 106.65 amidst renewed planetary uncertainties with geopolitical tensions betwixt Russia and Ukraine adding to planetary hazard aversion.

At the aforesaid time, the sell-off successful home equity markets was fuelled aft the Adani Group faced bribery and fraud charges successful the US. "This has further fuelled FII outflows, continuing the inclination of superior formation from Indian markets," Mr. Trivedi said.

“The rupee’s trading scope is expected betwixt 84.35 and 84.65, with continued weakness apt successful the adjacent term,” Mr. Trivedi added.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading higher by 0.04% astatine 106.66.

Brent crude, the planetary lipid benchmark, surged by 1.35% to $73.93 per tube successful futures trade.

In the home equity market, the 30-share BSE Sensex tumbled 422.59 points, oregon 0.54%, to adjacent astatine 77,155.79 points, portion Nifty tanked 168.60 points, oregon 0.72%, to settee astatine 23,349.90 points.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Tuesday (November 19, 202), arsenic they offloaded shares worthy ₹3,411.73 crore, according to speech data.

Published - November 21, 2024 04:20 p.m. IST