The rupee, which has been on a steady decline since September 24, when the Fed cut rates for the first time, closed at 85.08/$ (down 0.18%) as the dollar index, which measures the dollar against the basket of six major currencies, hit a 2-year high of 108.07.
Many other Asian currencies fared worse, with the Chinese renminbi falling 0.16% while the Indonesian rupiah and Japanese yen declined 1.23% and 1.25%, respectively.
This story is from the December 20, 2024 edition of Financial Express Chennai.
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This story is from the December 20, 2024 edition of Financial Express Chennai.
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