Published 16:05 IST, November 4th 2024
Rupee falls 4 paise to hit all-time low of 84.11 against US dollar
During the session, the local currency oscillated between a high of 84.06 and a low of 84.12. It finally settled at its all-time low of 84.11.
Advertisement
Rupee at its lowest: rupee on Monday fell 4 paise to a record low of 84.11 (provisional) against US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.
Forex trers said Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent. A recovery in crude oil prices and FII outflows also dented investor sentiments.
Advertisement
However, softening of US dollar prevented a sharp fall.
At interbank foreign exchange, rupee opened at 84.07 against US dollar. During session, local currency oscillated between a high of 84.06 and a low of 84.12. It finally settled at its all-time low of 84.11 (provisional), a loss of 4 paise from its previous close.
Advertisement
On Thursday, rupee edged up 1 paisa to 84.07 against US dollar.
forex market remained closed on Friday on account of Diwali.
Advertisement
Meanwhile, dollar index, which gauges greenback's strength against a basket of six currencies, was down 0.52 per cent to 103.73 points.
US dollar declined on disappointing non-farm payrolls report and ISM manufacturing PMI data from US on Friday. US ded only 12,000 jobs in October 2024 versus forecast of 106,000 jobs while ISM manufacturing PMI fell to 46.5 in October, falling short of expectations of 47.6, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.
Advertisement
Brent crude, international benchmark, surged 2.63 per cent to $75.02 per barrel in futures tre.
"We expect rupee to tre with a negative bias on weak domestic markets and sustained FII outflows. However, softening of US dollar amid disappointing jobs markets may support rupee at lower levels. Trers may take cues from factory orders data from US today and FOMC meeting outcome later this week," Choudhary said.
"USDINR spot price is expected to tre in a range of 83.95-84.30," Choudhary ded.
In domestic equity market, 30-share BSE Sensex was down 941.88 points, or 1.18 per cent, to close at 78,782.24, while Nifty declined 309 points, or 1.27 per cent, to settle at 23,995.35.
Foreign institutional investors (FIIs) were net sellers in capital markets on Friday, as y offloed shares worth Rs 211.93 crore, according to exchange data.
Meanwhile, India's forex reserves dropped $3.463 billion to $684.805 billion in week ended October 25, Reserve Bank of India said on Friday.
overall reserves h dropped $2.163 billion to $688.267 billion in previous reporting week. In end-September, reserves h hit an all-time high of $704.885 billion.
16:05 IST, November 4th 2024