THE rupee hit an intra-day low of 85.81 to the dollar on Friday, despite the RBI selling the forex reserves from its kitty to prop up the domestic currency.
The domestic currency tanked 38 paise from the previous close to settle at 85.5914 on Friday as dollar continued to rally and importers were constantly lapping up the greenback. Traders are expecting more pains for the currency and see it falling to 86 by March.
For the reporting period ending December 20, forex reserves had fallen by $8.5 billion to a seven-month low at $644.39 billion, only enough to cover nearly 11 months of imports.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A Classic Turn
Designer Aisha Rao's new collection Matilda is whimsical and mesmerising
Wrapped in Elegance
Venus explores layered patterns, solid contrasts, and subtle, intricate details
India Lifts Restrictions on WhatsApp Payments: What It Means for Meta
In a move that could enhance digital payments in India, the Indian government has lifted restrictions on WhatsApp Payments.
Storm Before The Biggest Test
Despite dressing room 'chaos', India would be looking to salvage pride in Sydney and keep hopes of qualifying for WTC final alive
Salima dedicates Arjuna to teammates
FOR her contribution to Indian hockey, women's team captain Salima Tete was named amongst the Arjuna Awardees in the National Sports Awards 2024 list announced on Thursday.
Hope my goals help Arsenal win title
GABRIEL Jesus is determined to keep scoring as Arsenal look to end their more than 20-year wait for a Premier League title.
Bagan start year with win over Hyderabad FC
MOHUN Bagan Super Giant started the New Year with a 3-0 victory over Hyderabad FC at the Vivekananda Yuba Bharati Krirangan in Kolkata in the Indian Super League (ISL) 2024-25 season.
HIL: UP Rudras blank Soorma Hockey Club
UP Rudras blanked Soorma Hockey Club 3-0 in their Hero Hockey India League contest here on Thursday.
With $20.5 bn from IPOs, Dalal Street 2nd busiest mkt
DALAL Street has been the second busiest market in the world, with a mop-up of $20.5 billion from the initial public offerings (IPOs).
Quick Commerce Blinkit 10-min ambulance service in Gurugram
ZOMATO's quick commerce platform Blinkit on Thursday launched its 10-minutes Ambulance Service in select areas of Gurugram.
