Rupee stays unchanged at 84.07 against U.S. dollar

On October 23, 2024, the Rupee had settled with a marginal summation of 1 paisa astatine 84.07 against the U.S. dollar. File | Photo Credit: The Hindu

The Rupee stayed stuck astatine its near-record debased of 84.07 (provisional) against the U.S. dollar connected Thursday (October 24, 2024) arsenic surging crude lipid prices and persistent overseas money outflow weighed connected the section unit.

Analysts said the selling unreserved by overseas investors successful pursuit of amended gains from the Chinese marketplace has been preventing the Rupee’s recovery, portion higher U.S. treasury yields person triggered the fearfulness of slower involvement complaint chopped by the Federal Reserve. “Also, uncertain geopolitical script up of the U.S. Presidential predetermination steered investors towards safe-haven bets,” they added.

At the interbank overseas speech market, the home portion opened astatine 84.06 against the greenback and remained astir standstill passim the session. The portion yet settled astatine the erstwhile session's closing level of 84.07 (provisional) against the dollar. On Wednesday (October 23, 2024), the Rupee had settled with a marginal summation of 1 paisa astatine 84.07 against the U.S. dollar.

The section currency has been struggling to retrieve since October 11, erstwhile it closed astatine its lowest level of 84.10 against the dollar. Anuj Choudhary, Research Analyst astatine Sharekhan by BNP Paribas, said the Rupee traded connected a level enactment amid anemic home markets and overnight gains successful crude lipid prices.

“The Rupee is expected to commercialized with a antagonistic bias connected wide spot successful the U.S. dollar and FII outflows,” helium added. “Traders whitethorn instrumentality cues from play unemployment claims, PMI and caller location income information from the U.S. USD-INR spot terms is expected to commercialized successful a scope of ₹83.90 to ₹84.30,” helium added.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, fell somewhat by 0.21% but remained elevated astatine 104.05. Brent crude, the planetary benchmark, surged 2.03% to $76.43 per tube successful futures trade.

On the home equity marketplace front, Sensex fell 16.82 points oregon 0.02% to settee astatine 80,065.16 points. The Nifty besides dipped 36.10 points oregon 0.15% to 24,399.40 points. Foreign organization investors (FIIs) were nett sellers successful the superior markets connected Wednesday (October 23, 2024), arsenic they offloaded shares worthy ₹5,684.63 crore, according to speech data.

Published - October 24, 2024 04:40 p.m. IST