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Rupee hits new low of 84.96 on merchant dollar bids
Mint Bangalore
|December 19, 2024
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.
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.
This story is from the December 19, 2024 edition of Mint Bangalore.
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