THE RUPEE LOST more value on Friday, tumbling to a new low of 85.54 against the dollar. In a thinly-traded market, the local currency gave up 28 paise. the sharpest daily fall since June.
Intra-session, the rupee plummeted by a steep 55 paise before recovering after what dealers said was intervention by the Reserve Bank of India (RBI). With this, the rupee has depreciated by about 3% in 2024 so far, with much of the fall coming since end-September.
Nonetheless, it continues to outperform Asian peers, thanks to the RBI stepping in. In October, the central bank net sold $9.28 billion in the spot market. The dollar has put on 7% since the US Fed's September rate cut.
Denne historien er fra December 28, 2024-utgaven av Financial Express Mumbai.
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Denne historien er fra December 28, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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