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Rupee hits all-time low, RBI steps in
Mint Mumbai
|December 13, 2024
The Indian rupee fell to an all-time low on Thursday, pressured by a lingering depreciation bias and heightened demand for the US dollar in the non-deliverable forwards (NDF) market, while the central bank's intervention helped prevent sharp losses.
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The rupee hit a low of 84.88 against the dollar before closing at 84.8575, down slightly on the day.
The dollar index was little changed at 106.5, unfazed by the elevated odds of a December rate cut by the Federal Reserve, after data showed that US consumer prices rose in-line with expectations in November.
US bonds yields gained on Thursday.
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