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₹ falls 8 paise to hit 84.5 vs $ for first time
Business Standard
|November 22, 2024
The rupee depreciated to a new low of 84.50 per dollar as foreign portfolio investors sold domestic equities amid escalating geopolitical tensions and a spike in crude oil prices.
Uncertainty around the US Federal Reserve's future rate trajectory further weighed on the local currency, according to dealers.
The previous low of 84.42 per dollar was recorded on Thursday last week. While the domestic currency has depreciated 0.5 per cent against the dollar in November, it has outperformed most other Asian currencies.
Market participants said the Reserve Bank of India (RBI) intervened in the foreign exchange market via dollar sales, preventing further depreciation.
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