Rupee falls 7 paise to close at 84.74, an all-time low
Financial Express Mumbai|December 05, 2024
THE RUPEE LOGGED its weakest closing level on record on Wednesday, hurt by a lingering depreciation bias and broad-based dollar bids, while dollar-rupee forward premiums extended their decline.
JASPREET KALRA & NIMESH VORA
Rupee falls 7 paise to close at 84.74, an all-time low

The rupee closed at 84.74 against the US dollar, its lifetime closing low, down from 84.6850 in the previous session. The rupee was unable to benefit from gains in most of its Asian peers, including the offshore Chinese yuan which rose 0.2% to 7.28 after hitting a one-year low on Tuesday.

At this point, "USD/INR is a buy on any dips," a trader at a large private bank said. "There is only one direction of travel right now, but the speed depends on how stiffly the Reserve Bank of India will act," the trader said.

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