Rupee Steady at 84.07 Against US Dollar | Latest News

By By Rediff Money Desk, Mumbai
Oct 24, 2024 16:00
The Indian rupee remained unchanged at 84.07 against the US dollar on Thursday, as surging crude oil prices and foreign fund outflows weighed on the local currency.
Illustration: Dominic Xavier/Rediff.com
Mumbai, Oct 24 (PTI) The rupee stayed stuck at its near-record low of 84.07 (provisional) against the US dollar on Thursday as surging crude oil prices and persistent foreign fund outflow weighed on the local unit.

Analysts said the selling rush by foreign investors in pursuit of better gains from the Chinese market has been preventing the rupee's recovery, while higher US treasury yields have triggered the fear of slower interest rate cut by the Federal Reserve.

Also, uncertain geopolitical scenario ahead of the US presidential election steered investors towards safe-haven bets, they added.

At the interbank foreign exchange market, the domestic unit opened at 84.06 against the greenback and remained almost standstill throughout the session. The unit finally settled at the previous session's closing level of 84.07 (provisional) against the dollar.

On Wednesday, the rupee had settled with a marginal gain of 1 paisa at 84.07 against the US dollar.

The local currency has been struggling to recover since October 11, when it closed at its lowest level of 84.10 against the dollar.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee traded on a flat note amid weak domestic markets and overnight gains in crude oil prices.

The rupee is expected to trade with a negative bias on overall strength in the US dollar and FII outflows, he added.

"Traders may take cues from weekly unemployment claims, PMI and new home sales data from the US. USD-INR spot price is expected to trade in a range of Rs 83.90 to Rs 84.30," he added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell slightly by 0.21 per cent but remained elevated at 104.05.

Brent crude, the international benchmark, surged 2.03 per cent to USD 76.43 per barrel in futures trade.

On the domestic equity market front, Sensex fell 16.82 points, or 0.02 per cent, to settle at 80,065.16 points. The Nifty also dipped 36.10 points, or 0.15 per cent, to 24,399.40 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 5,684.63 crore, according to exchange data.
Source: PTI
Read More On:
rupeeindian rupeecrude oilfederal reserveus dollarexchange ratecurrencygeopoliticalforeign fund outflowus treasury yields
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

FSSAI Reclassifies Packaged Water as High-Risk,...

The FSSAI has reclassified packaged drinking water as a high-risk food category,...

Sebi Bans 'Baap of Chart' & 6 Others for...

Sebi has banned 'Baap of Chart' and six others for one year for providing unregistered...

RBI Urges Banks to Reduce Inoperative Accounts

The RBI has directed banks to reduce inoperative accounts urgently, citing concerns...

Mphasis F1 Foundation, Nudge Institute Offer Rs...

Mphasis F1 Foundation and The/Nudge Institute announce a competition with a prize purse...

APFD, APFDC & ISB Partner to Revitalize Forest...

Andhra Pradesh government and ISB collaborate to empower women and revitalize forest...

Torrent Power Opens QIP at Rs 1,555.75

Torrent Power has opened a qualified institutional placement (QIP) of shares at a floor...

Home First Finance Stake Sold for Rs 1,728 Crore

Promoters of Home First Finance and Warburg Pincus affiliate divest 19.6% stake in the...

Kerala Attracts Rs 44,000 Crore Investment:...

Kerala has attracted Rs 44,000 crore investment from domestic entrepreneurs in the last...

Hindustan Coca-Cola Beverages Opens New...

Telangana Chief Minister A Revanth Reddy inaugurated Hindustan Coca-Cola Beverages' new...

RBI to Hold Rates, Analysts Cut Growth Estimates

Analysts expect the Reserve Bank of India to keep rates unchanged on Friday, but cut...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2024 Rediff.com