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Rupee hits new low of 84.96 on merchant dollar bids

December 19, 2024

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Mint Chennai

The Indian rupee hit its all-time low on Wednesday, pressured by strong dollar demand from importers and likely outflows from local equities, while intervention by the Reserve Bank of India curbed losses, traders said.

- Reuters

The rupee fell to 84.9550 against the dollar before closing at 84.9525, down 0.07%.

Weakness in regional currencies ahead of the Federal Reserve's policy decision due in US trading hours also hurt the rupee alongside speculative dollar bids amid a lingering bearish bias on the local unit.

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