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Rupee breaches 84.5 mark on foreign fund outflows
November 22, 2024
|The Morning Standard
THE rupee, under pressure for nearly two months now, tumbled new lows, breaching the 84.50-mark on Thursday as foreign funds continued to dump domestic equities on the one hand and the dollar kept pace with its northward-ho.
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The rupee closed the trade at 84.501 on a day as the equity market was wracked by fall in Adani group stocks after a US court criminally indicted the group's chairman Gautam Adani and six other key officials for alleged bribery and other legal breaches in raising funds and securing solar power project contracts. The rupee had closed at 84.4137 on the previous day's trade on Tuesday. The rupee was dragged by selling in equities by foreign portfolio investors and a strong dollar index, tr
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