Rupee Closes At Record Low Against US Dollar
The rupee closed two paise lower at Rs 84.41, according to Bloomberg data.
The Indian rupee closed at a fresh closing low after depreciating to an all-time low of Rs 84.42 during the session on Tuesday, amid foreign fund outflows and RBI intervention.
The local currency closed two paise lower at Rs 84.41, according to Bloomberg data. It had closed at Rs 84.39 on Monday.
After heavy selling seen last week in Asian stocks, world stocks snapped a four-day losing streak on Monday, said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
The dollar index, which tracks the performance of the greenback against a basket of 10 leading global currencies, was trading 0.21% higher at 106.497 as of 08:55 a.m.
Moody’s has forecast India’s economic growth at 7.2% for 2024, providing a more positive outlook for the rupee, said Amit Pabari, managing director at CR Forex Advisors.
"Further supporting the rupee is the easing of tensions in the Middle East, which has helped stabilise oil and gold prices, supporting India’s trade balance," Pabari said. International benchmark Brent crude oil was 0.29% down at $73.09.
"The Federal Reserve's cautious stance and foreign fund outflows amounting to $14 billion from October remain formidable challenges to the rupee's stability," he added.
