The dollar index, which measures the greenback against a basket of six major currencies, was at 108.07 and the yield on the 10-year benchmark US Treasury note rose to 4.52%.
Market participants said that the intervention was nominal from the Reserve Bank of India (RBI) in the forex market, indicating that the central bank wants to slow down the depletion in the forex reserves.
In the last two months, India's foreign exchange reserve has reduced by over $46 billion.
As per RBI data, the forex reserves shrank to $654.857 billion as on December 6 from $704.885 billion on October 4.
"The hawkish tilt from the Fed sent traders heavily dialing back in easing expectations of rate cuts next year and in turn sparked a broad dollar rally, sending all currencies into a tailspin. This seems like an extended pause from FOMC and no change in rates in the first half. The higher-for-longer syndrome seems to be back," said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.
Meanwhile, Barclays Head of FX and EM Macro Strategy Asia, Mitul Kotecha, sees the rupee weakening further to 87 by the end of next year, despite temporary measures to arrest its decline. He, however, said the currency is expected to continue outperforming its Asian peers.
Diese Geschichte stammt aus der December 20, 2024-Ausgabe von Financial Express Chennai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 20, 2024-Ausgabe von Financial Express Chennai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Hallucinatory AI May Not Necessarily Be a Bad Thing
The smart machines, it turns out, are dreaming up riots of unrealities that help scientists track cancer, design drugs, and even win the Nobel Prize.
Putin Apologizes for 'Tragic' Azerbaijani Airplane Crash
But stops short of admitting airliner was shot down
Genome reveals how a small group burst out of Africa
DNA from European fossils dating back 45,000 years offers new clues to how our species spread across the world
What does the future hold for out-of-form India captain Rohit Sharma?
Rohit Sharma's recent struggles have raised questions about his future in Test cricket. His poor form, particularly in the ongoing series against Australia, has prompted discussions about his long-term prospects as both batsman and captain.
Defiant push to change Constitution
support of two-thirds of the members present and voting required to pass a Constitution Amendment Bill.
Can you find the names of 10 2024 best sellers in this puzzle?
THE 'TITLE SEARCH' puzzle celebrates fiction that appeared on best-seller lists at some point this year. The titles of 10 books are hidden within an unrelated text passage; not every book was published in this calendar year, but their popularity made them best sellers in 2024. In the passage (on the right), can you find the names of the 10 best-seller books that topped the charts this year?
Credila files IPO papers
ADANI GREEN ENERGY on Saturday incorporated a new wholly owned subsidiary Adani Green Energy Sixty Eight Limited. The authorised capital and paid-up capital of AGE68L is kept at ₹1,00,000. \"Adani Renewable Energy Holding Nine Limited, a wholly-owned subsidiary of the company, has incorporated a wholly-owned subsidiary, namely, Adani Green Energy Sixty Eight Limited on December 28, 2024,\" the company said in an exchange filing. The main objective of AGE68L is to generate, develop, transform, distribute, transmit, sell and supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy. Adani Renewable Energy Holding Nine Limited, a wholly owned subsidiary of the company, holds 100% share capital of AGE68L. AGE68L is incorporated in India and registered with the Registrar of Companies, Gujarat, at Ahmedabad and is yet to commence its business operations, the filing said.
Scindia, FM Talk India Post's Path for Profit
COMMUNICATIONS MINISTER JYOTIRADITYA Scindia has met finance minister Nirmala Sitharaman to discuss India Post's path to profitability, an official release said on Saturday.
Tax Officials Initiate Inspection of M&M Records in Chennai
MAHINDRA & MAHINDRA on Saturday said state tax authorities in Tamil Nadu initiated an inspection of records at one of the places of its business operations in Chennai.
Reliance buys Karkinos Healthcare for ₹375 cr
BILLIONAIRE MUKESH AMBANI'S Reliance Industries has acquired technology-driven and oncology-focused healthcare platform Karkinos for ₹375 crore, the firm said.