Rupee Hits Record Low of 85.35 vs US Dollar - Business News
By Rediff Money Desk, Mumbai Dec 27, 2024 09:41
The Indian rupee depreciated by 8 paise to hit a new all-time low of 85.35 against the US dollar on Friday, driven by a strengthening greenback and foreign capital outflows.

Illustration: Dominic Xavier/Rediff.com
Mumbai, Dec 27 (PTI) The rupee slid for the fourth straight session, depreciating 8 paise to hit a new all-time low of 85.35 against the US dollar in early trade on Friday due to strengthening American currency and relentless outflow of foreign capital.
According to analysts, the local unit was weighed down by the dollar's strength amid the greenback's increased demand by importers for month-end and year-end payment obligations. However, easing crude oil prices globally and positive cues from domestic equity markets capped the fall in the Indian unit.
At the interbank foreign exchange, the rupee opened weak at 85.31 and slipped further to hit its lifetime low of 85.35 against the greenback, registering a loss of 8 paise from its previous closing level.
The rupee plunged 12 paise to its record low closing mark of 85.27 against the dollar on Thursday, after declining 13 paise in the previous two sessions.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.93 amid soaring US Treasury yields with 10-year bond hovering around 4.50 per cent.
Brent crude, the global oil benchmark, rose 0.07 per cent to USD 73.31 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading higher by 207.16 points, or 0.26 per cent at 78,679.64 points. The Nifty was up 88.50 points, or 0.37 per cent, at 23,838.70 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.
According to analysts, the local unit was weighed down by the dollar's strength amid the greenback's increased demand by importers for month-end and year-end payment obligations. However, easing crude oil prices globally and positive cues from domestic equity markets capped the fall in the Indian unit.
At the interbank foreign exchange, the rupee opened weak at 85.31 and slipped further to hit its lifetime low of 85.35 against the greenback, registering a loss of 8 paise from its previous closing level.
The rupee plunged 12 paise to its record low closing mark of 85.27 against the dollar on Thursday, after declining 13 paise in the previous two sessions.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.93 amid soaring US Treasury yields with 10-year bond hovering around 4.50 per cent.
Brent crude, the global oil benchmark, rose 0.07 per cent to USD 73.31 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading higher by 207.16 points, or 0.26 per cent at 78,679.64 points. The Nifty was up 88.50 points, or 0.37 per cent, at 23,838.70 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.
Source: PTI
Read More On:
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
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 8.85 (+ 5.23)
- 51035646
- AvanceTechnologies
- 0.70 ( -1.41)
- 11016011
- GTL Infrastructure
- 1.75 (+ 1.16)
- 8791196
- Srestha Finvest
- 0.66 (+ 3.13)
- 8689056
- Vakrangee
- 15.92 (+ 4.94)
- 8026016
MORE NEWS

EIL Eyes Nuclear Expansion & Overseas Growth
Engineers India Ltd (EIL) is expanding into nuclear projects and boosting its overseas...
NATCO Pharma Shares Plunge 20% After Q3...
NATCO Pharma shares tumbled 20% on Thursday after the company reported a 37.75% decline...

Chevron Invests USD 1 Billion in India...
Chevron is establishing a USD 1 billion engineering and innovation center in Bengaluru,...