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Rupee settles on a flat note near all-time low at 84.85 against US dollar

The Daily Guardian

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December 11, 2024

The rupee settled for the day on a flat note, higher by just 1 paisa at 84.85 (provisional) against the U.S. dollar on Tuesday (December 10, 2024), a tad above its all-time low level.

The change of guard at the Reserve Bank of India raised expectations of a shift in the central bank's monetary policy.

The government on Monday (December 9, 2024) appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India. Forex traders said markets now expect a rate cut in the upcoming monetary policy in February. Meanwhile, a weak tone in the domestic markets and a surge in the U.S. dollar index further pressured the rupee.

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