The rupee slid to a fresh low of 84.70 versus the dollar on Monday, driven by concerns over slowing economic growth and heightened greenback demand in the non-deliverable forwards (NDF) market, dealers said.
The domestic currency declined 0.25 per cent during the day, marking its steepest fall since June 4, the day of the general election results. It closed at 84.49 per dollar on Friday.
The rupee has weakened by 0.73 per cent over the past month, and by nearly 1.8 per cent in 2024 so far.
Given the Reserve Bank of India's (RBI) substantial short positions in the NDF market and limited room for intervention, the rupee is likely to remain under pressure for now.
This story is from the December 03, 2024 edition of Business Standard.
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This story is from the December 03, 2024 edition of Business Standard.
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