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The rupee depreciated 9 paise to close at ₹84.49 (provisional) against US dollar on Thursday, weighed down by a negative trend in domestic equities and broad strength of the American currency in the overseas markets.
Forex traders said a mixed-to-weak tone in crude oil prices cushioned the downside.
At the interbank foreign exchange, the rupee opened at ₹84.45 and touched the lowest level of ₹84.50 against the greenback during intra-day. The unit ended the session at ₹84.49 (provisional) against the dollar, registering a fall of 9 paise over its previous close. The rupee hit its lowest-ever closing level of ₹84.50 on November 21.
On Wednesday, the rupee depreciated by 11 paise to close at ₹84.40 against the US dollar.
“We expect the rupee to trade with a negative bias on strength in the US dollar and month-end dollar demand from importers. However, overall weakness in crude oil prices and fresh FII inflows may support the rupee at lower levels.
“US markets will remain closed today to observe the Thanksgiving Holiday. USD-INR spot price is expected to trade in a range of ₹84.35 to ₹84.70,” said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
According to traders, the latest Federal Open Market Committee (FOMC) minutes revealed a significant shift in the Federal Reserve’s outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.25 per cent at 106.34.
Brent crude, the global oil benchmark, rose 0.08 per cent to $72.89 per barrel in futures trade.
On the domestic equity market, the 30-share BSE Sensex slumped 1,190.34 points or 1.48 per cent to 79,043.74 points, while Nifty was down 360.75 points or 1.49 per cent to 23,914.15 points.
Foreign Institutional Investors (FIIs) infused ₹7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data.
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Published on November 28, 2024
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The rupee depreciated 9 paise to close at ₹84.49 (provisional) against US dollar on Thursday, weighed down by a negative trend in domestic equities and broad strength of the American currency in the overseas markets.
Forex traders said a mixed-to-weak tone in crude oil prices cushioned the downside.
At the interbank foreign exchange, the rupee opened at ₹84.45 and touched the lowest level of ₹84.50 against the greenback during intra-day. The unit ended the session at ₹84.49 (provisional) against the dollar, registering a fall of 9 paise over its previous close. The rupee hit its lowest-ever closing level of ₹84.50 on November 21.
On Wednesday, the rupee depreciated by 11 paise to close at ₹84.40 against the US dollar.
“We expect the rupee to trade with a negative bias on strength in the US dollar and month-end dollar demand from importers. However, overall weakness in crude oil prices and fresh FII inflows may support the rupee at lower levels.
“US markets will remain closed today to observe the Thanksgiving Holiday. USD-INR spot price is expected to trade in a range of ₹84.35 to ₹84.70,” said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
According to traders, the latest Federal Open Market Committee (FOMC) minutes revealed a significant shift in the Federal Reserve’s outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.25 per cent at 106.34.
Brent crude, the global oil benchmark, rose 0.08 per cent to $72.89 per barrel in futures trade.
On the domestic equity market, the 30-share BSE Sensex slumped 1,190.34 points or 1.48 per cent to 79,043.74 points, while Nifty was down 360.75 points or 1.49 per cent to 23,914.15 points.
Foreign Institutional Investors (FIIs) infused ₹7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data.
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Published on November 28, 2024
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The rupee depreciated 9 paise to close at ₹84.49 (provisional) against US dollar on Thursday, weighed down by a negative trend in domestic equities and broad strength of the American currency in the overseas markets.
Forex traders said a mixed-to-weak tone in crude oil prices cushioned the downside.
At the interbank foreign exchange, the rupee opened at ₹84.45 and touched the lowest level of ₹84.50 against the greenback during intra-day. The unit ended the session at ₹84.49 (provisional) against the dollar, registering a fall of 9 paise over its previous close. The rupee hit its lowest-ever closing level of ₹84.50 on November 21.
On Wednesday, the rupee depreciated by 11 paise to close at ₹84.40 against the US dollar.
“We expect the rupee to trade with a negative bias on strength in the US dollar and month-end dollar demand from importers. However, overall weakness in crude oil prices and fresh FII inflows may support the rupee at lower levels.
“US markets will remain closed today to observe the Thanksgiving Holiday. USD-INR spot price is expected to trade in a range of ₹84.35 to ₹84.70,” said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
According to traders, the latest Federal Open Market Committee (FOMC) minutes revealed a significant shift in the Federal Reserve’s outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.25 per cent at 106.34.
Brent crude, the global oil benchmark, rose 0.08 per cent to $72.89 per barrel in futures trade.
On the domestic equity market, the 30-share BSE Sensex slumped 1,190.34 points or 1.48 per cent to 79,043.74 points, while Nifty was down 360.75 points or 1.49 per cent to 23,914.15 points.
Foreign Institutional Investors (FIIs) infused ₹7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data.
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Published on November 28, 2024
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The rupee depreciated 9 paise to close at ₹84.49 (provisional) against US dollar on Thursday, weighed down by a negative trend in domestic equities and broad strength of the American currency in the overseas markets.
Forex traders said a mixed-to-weak tone in crude oil prices cushioned the downside.
At the interbank foreign exchange, the rupee opened at ₹84.45 and touched the lowest level of ₹84.50 against the greenback during intra-day. The unit ended the session at ₹84.49 (provisional) against the dollar, registering a fall of 9 paise over its previous close. The rupee hit its lowest-ever closing level of ₹84.50 on November 21.
On Wednesday, the rupee depreciated by 11 paise to close at ₹84.40 against the US dollar.
“We expect the rupee to trade with a negative bias on strength in the US dollar and month-end dollar demand from importers. However, overall weakness in crude oil prices and fresh FII inflows may support the rupee at lower levels.
“US markets will remain closed today to observe the Thanksgiving Holiday. USD-INR spot price is expected to trade in a range of ₹84.35 to ₹84.70,” said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
According to traders, the latest Federal Open Market Committee (FOMC) minutes revealed a significant shift in the Federal Reserve’s outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.25 per cent at 106.34.
Brent crude, the global oil benchmark, rose 0.08 per cent to $72.89 per barrel in futures trade.
On the domestic equity market, the 30-share BSE Sensex slumped 1,190.34 points or 1.48 per cent to 79,043.74 points, while Nifty was down 360.75 points or 1.49 per cent to 23,914.15 points.
Foreign Institutional Investors (FIIs) infused ₹7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data.
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Published on November 28, 2024
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The rupee depreciated 9 paise to close at ₹84.49 (provisional) against US dollar on Thursday, weighed down by a negative trend in domestic equities and broad strength of the American currency in the overseas markets.
Forex traders said a mixed-to-weak tone in crude oil prices cushioned the downside.
At the interbank foreign exchange, the rupee opened at ₹84.45 and touched the lowest level of ₹84.50 against the greenback during intra-day. The unit ended the session at ₹84.49 (provisional) against the dollar, registering a fall of 9 paise over its previous close. The rupee hit its lowest-ever closing level of ₹84.50 on November 21.
On Wednesday, the rupee depreciated by 11 paise to close at ₹84.40 against the US dollar.
“We expect the rupee to trade with a negative bias on strength in the US dollar and month-end dollar demand from importers. However, overall weakness in crude oil prices and fresh FII inflows may support the rupee at lower levels.
“US markets will remain closed today to observe the Thanksgiving Holiday. USD-INR spot price is expected to trade in a range of ₹84.35 to ₹84.70,” said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
According to traders, the latest Federal Open Market Committee (FOMC) minutes revealed a significant shift in the Federal Reserve’s outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.25 per cent at 106.34.
Brent crude, the global oil benchmark, rose 0.08 per cent to $72.89 per barrel in futures trade.
On the domestic equity market, the 30-share BSE Sensex slumped 1,190.34 points or 1.48 per cent to 79,043.74 points, while Nifty was down 360.75 points or 1.49 per cent to 23,914.15 points.
Foreign Institutional Investors (FIIs) infused ₹7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data.
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Published on November 28, 2024
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How might the shift in the Federal Reserve’s outlook, as hinted in the latest FOMC minutes, potentially impact the value of the rupee?
The rupee continued its downward trajectory on Thursday, closing at a fresh low against the US dollar.
The Indian currency weakened by 9 paise to settle at ₹84.49 (provisional) against the greenback. This depreciation comes on the back of a negative trend in domestic equities and the continued strength of the US dollar in international markets.
Forex analysts noted that a mixed-to-weak tone in crude oil prices somewhat cushioned the rupee’s fall.
At the interbank foreign exchange, the rupee started the day at ₹84.45, but its value dipped to a low of ₹84.50 against the dollar during intraday trading.
“We expect the rupee to trade with a negative bias on strength in the US dollar and month-end dollar demand from importers. However, overall weakness in crude oil prices and fresh foreign institutional investor inflows may support the rupee at lower levels,” stated Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan.
He added that the latest Federal Open Market Committee (FOMC) minutes hinted at a shift in the Federal Reserve’s outlook, which could potentially lead to downward pressure on short-term interest rates. This, in turn, could reduce the appeal of dollar-denominated assets and contribute to the decline in the Dollar Index.
Meanwhile, the Dollar Index, which measures the greenback’s performance against a basket of six major currencies, was trading higher by 0.25% at 106.34.
Brent crude, the global benchmark for oil prices, rose slightly by 0.08% to $72.89 per barrel in futures trading.
On the domestic market front, the BSE Sensex slumped by 1,190.34 points, or 1.48%, to close at 79,043.74 points. Similarly, the Nifty lost 360.75 points, or 1.49%, to settle at 23,914.15 points. Foreign institutional investors (FIIs) invested ₹7.78 crore in the capital markets on a net basis on Wednesday.