Rupee recovers from all-time low to settle 6 paise higher at 84.40 against U.S. dollar

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The rupee recovered from its all-time debased level and settled with a summation of 6 paise astatine 84.40 (provisional) against the U.S. dollar connected Monday (November 18, 2024), backed by a retreating American currency.

Forex traders said, the betterment successful the section portion was capped by the unabated withdrawal of overseas funds amid lacklustre sentiment successful the home equity markets arsenic good arsenic an upward question successful crude lipid prices.

At the interbank overseas exchange, the rupee opened astatine 84.42 and touched the intra-day precocious of 84.37 against the greenback during the session. It yet settled astatine 84.40 (provisional) against the dollar, up 6 paise from its erstwhile close.

On Thursday (November 14, 2024), the rupee fell 7 paise to settee astatine its all-time debased of 84.46 against the U.S. dollar.

The Forex marketplace was closed connected Friday connected relationship of Guru Nanak Jayanti.

“This insignificant enactment for the rupee was further aided by a simplification successful FII selling enactment successful caller days, with expectations that sell-off unit volition stay constricted owed to the upcoming state elections successful Maharashtra.”

"The rupee is expected to find enactment successful the 84.45-84.52 range, portion absorption is projected astir 84.25-84.30," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading little by 0.06% astatine 106.55.

Brent crude, the planetary lipid benchmark, roseate by 0.79% to $71.60 per tube successful futures trade.

In the home equity market, the 30-share BSE Sensex declined 241.30 points, oregon 0.31%, to adjacent astatine 77,339.01 points, portion Nifty fell 78.90 points, oregon 0.34%, to settee astatine 23,453.80 points.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Thursday (November 14, 2024), arsenic they offloaded shares worthy ₹1,849.87 crore, according to speech data.

On the home macroeconomic front, India's merchandise exports successful October roseate by an awesome 17.25% year-on-year, the highest successful implicit 2 years, to $39.2 billion, portion the commercialized shortage widened to $27.14 cardinal connected a sequential basis, according to the latest authorities information released connected Thursday (November 14, 2024).

Meanwhile, the country's forex reserves dropped by $6.477 cardinal to $675.653 cardinal for the week ended November 8, the Reserve Bank of India said connected Friday (November 15, 2024).

Published - November 18, 2024 05:28 p.m. IST