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₹ hits another low on rise in oil prices, equity selloff
Business Standard
|November 08, 2024
Caution ahead of the US Fed meet outcome weighs on currency
The rupee depreciated to a fresh low of 84.38 per dollar on Thursday as foreign investors continued to sell domestic equities and crude oil prices rose.
The caution ahead of the US Federal Reserve meeting outcome further weighed on the Indian unit.
Market participants said that with strengthening dollar and rise in US yields after the US presidential election results, the Reserve Bank of India (RBI) has been allowing gradual depreciation of the rupee in line with its Asian peers.
The local currency had touched a new low of 84.28 per dollar on Wednesday after Republican candidate Donald Trump won the 47th United States (US) presidential election decisively, defying expectations and securing a greater number of votes than Kamala Harris.
This story is from the November 08, 2024 edition of Business Standard.
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