The rupee stayed weak for the third straight session and fell 12 paise to settle at a fresh all-time low of 85.27 against the US dollar on Thursday, amid a strong greenback and rising crude oil prices.
Forex traders said increased month-end as well as year-end dollar demand from importers and fear of an aggressive import tariff by the Donald Trump administration lifted the American currency.
At the interbank foreign exchange, the rupee opened weak at 85.23 and touched the lowest-ever level of 85.28 against the greenback during intraday trade.
The unit finally ended the session at its lifetime low closing level of 85.27 against the dollar, registering a loss of 12 paise from its previous close.
This story is from the December 27, 2024 edition of Mint Bangalore.
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 December 27, 2024 edition of Mint Bangalore.
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
Services exports save the day for current account in Sep quarter
A rise in services exports helped narrow India's current account deficit (CAD) in the September quarter, although this marked the second consecutive quarterly deficit after hitting a surplus in the final three months of FY24.
Sebi Issues Circular on Share Transfer
The circular provides clarity on the rules surrounding ownership transfers in intermediary cos
UltraTech to Acquire Minority Stake in Star Cement
UltraTech Cement on Friday said it will acquire a minority stake of 8.69% from the promoters of Meghalaya-based Star Cement in a deal worth up to ₹851 crore.
Rupee falls to record low as dollar bids spike
The rupee fell to an all-time low on Friday, as maturing non-deliverable forwards and currency futures boosted dollar demand, while the sharp fall led to panic dollar buying by importers.
JSW Neo to acquire O2 Power; EQT and Temasek to exit
The transaction entails acquisition of O2 Power Midco Holdings and O2 Energy SG, and is subject to customary nods
Rural-urban consumption gap shrinks in 2023-24
The monthly per capita consumption expenditure rose to ₹4,122 in rural areas and ₹6,996 in urban areas
Escorts Kubota's ride is bumpy amid demand concerns
Escorts Kubota Ltd continues to grapple with the challenges of weak export volumes and subdued construction equipment demand.
India's Textile Exports a Silver Lining as Trade Deficit Widens
Experts attribute this growth to govt policies, trade deals, and adoption of new technologies
The Archetypical Insider Who Guided India Towards Its Economic Potential
Manmohan Singh was chief guest at the annual convocation of the Indian Institute of Management Bangalore on 15 April 1991.
A Vision
Former prime minister Manmohan Singh's tenure (2004-2014) witnessed significant reforms that profoundly impacted India's economy, governance, and social infrastructure. His reforms focused on pressing issues such as poverty alleviation, education, healthcare, and corruption. Mint takes a look at the key reforms that reflect Singh's enduring legacy.
