Rupee drops 8 paise to shut at 84.74 towards U.S. greenback

Foreign exchange merchants mentioned put up the RBI financial coverage announcement, traders will await the Industrial Manufacturing (IIP) and CPI knowledge for additional cues. File
| Picture Credit score: The Hindu

The rupee depreciated 8 paise to shut at 84.74 (provisional) towards the U.S. greenback on Monday (December 9, 2024), dragged down by recent international fund outflows and a muted pattern in home equities.

Foreign exchange merchants mentioned the rupee stays in a weakening mode resulting from greenback demand from importers and international banks.

On the interbank international alternate, the rupee opened at 84.70 and touched the bottom stage of 84.73 towards the dollar throughout intra-day commerce. The unit ended the session at 84.74 (provisional) towards the greenback, registering a fall of 8 paise over its earlier shut.

On Friday (December 6, 2024), the rupee appreciated by 5 paise to settle at 84.66 towards the U.S. greenback.

On December 4, the rupee had slumped to its all-time low of 84.76 (provisional) towards the U.S. greenback.

The greenback index, which gauges the dollar’s power towards a basket of six currencies, was buying and selling decrease by 0.09% at 105.96.

Brent crude, the worldwide oil benchmark, surged 0.89% to $71.75 per barrel in futures commerce.

Foreign exchange merchants mentioned put up the RBI financial coverage announcement, traders will await the Industrial Manufacturing (IIP) and CPI knowledge for additional cues.

The Reserve Financial institution of India on Friday (December 6, 2024) stored its key rate of interest unchanged citing inflation dangers, however reduce the Money Reserve Ratio that banks are required to park with the central financial institution, boosting cash with lenders to help a slowing economic system.

On the home fairness market entrance, the 30-share benchmark index Sensex closed 200.66 factors, or 0.25% decrease, at 81,508.46 factors. The Nifty fell 58.80 factors, or 0.24%, to 24,619.00 factors.

Overseas Institutional Buyers (FIIs) offloaded ₹1,830.31 crore within the capital markets on web foundation on Friday (December 6, 2024), in response to alternate knowledge.

In the meantime, India’s foreign exchange reserves elevated by $1.51 billion to $658.091 billion for the week ended November 29, the RBI mentioned on Friday (December 6, 2024).

The general reserves had dropped by $1.31 billion to $656.582 billion within the earlier reporting week.