THE rupee hit an intra-day low of 85.81 to the dollar on Friday, despite the RBI selling the forex reserves from its kitty to prop up the domestic currency.
The domestic currency tanked 38 paise from the previous close to settle at 85.5914 on Friday as dollar continued to rally and importers were constantly lapping up the greenback. Traders are expecting more pains for the currency and see it falling to 86 by March.
For the reporting period ending December 20, forex reserves had fallen by $8.5 billion to a seven-month low at $644.39 billion, only enough to cover nearly 11 months of imports.
This story is from the December 28, 2024 edition of The Morning Standard.
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 28, 2024 edition of The Morning Standard.
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
NEW SOUNDS IN THE HAVELI
Indo-French experimental duo Pen Pal talks about their musical journey and the Delhi gig at the first edition of Music In The Haveli’, to be held today
CAR SALES REFLECT NEED FOR DEMAND BOOSTERS IN BUDGET
CAR sales, a key indicator of overall economic demand, presented a mixed bag during calendar year 2024.
CRUCIAL INTERVENTION FOR CRITICAL MINERALS
AFTER making a string of well-thought policy moves to increase the mining and processing of critical minerals over the last few years, the government recently found it needs to do more.
'THAT WAS THE BIGGEST SHOCK OF MY LIFE'
Legendary cricketer Syed Kirmani's autobiography, Stumped: Life Behind and Beyond the Twenty-Two Yards, which released recently, candidly traces his life from boyhood to winning the 1983 World Cup, and life after his exit from cricket
Viola Davis' G20 Gets Premiere Date
In three months, audiences can witness Viola Davis portraying the US President as Prime Video has set the release date for an upcoming thriller, G20.
Edged & gone again: Kohli's horror run
IT could well have happened on the very first delivery he faced.
Pant slows down & with his trademark impact
Curbing instincts, batter prolonged stay at the crease but runs dried up
Nair in record books, easy win for Tamil Nadu
KARUN Nair bettered the world record for scoring most List A runs without being dismissed as Vidarbha beat Uttar Pradesh, while Shreyas Iyer's 137 powered Mumbai to a massive 163-run win over Puducherry in their respective Vijay Hazare Trophy matches on Friday.
NorthEast United held by Mohammedan in ISL
NORTHEAST United FC were held to a goalless draw by Mohammedan SC in the Indian Super League in Guwahati on Friday.
Deepali Delighted With 'Very Special' Recognition
AWAY from prying eyes, Deepali Desphande has had quite a sojourn in the last decade or so.
