Besides, the rise in crude oil prices and selling by foreign investors in the domestic equities market weighed on the currency. Intra-day, the rupee touched 85.87 against a dollar.
Robust economic data from the US led to a rise in US Treasury yields to 4.68%, lending support to the greenback. US yields also remained elevated amid expectations of a delayed interest rate cut by the Federal Reserve. The surge in US yields was one of the major reasons for the fall in the rupee, after the currency appreciated 11 paise against the dollar on Tuesday.
This story is from the January 09, 2025 edition of Financial Express Mumbai.
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This story is from the January 09, 2025 edition of Financial Express Mumbai.
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