Rupee sinks to all-time low of 84.73 against US dollar

On Tuesday (2 December 2024) the rupee went down 13 paise for an intraday low of 84.73 (provisional) against the US dollar due to the weak macroeconomic data and the overall strong USD dollar out there.

Asian currencies dropped as forex traders said that after Trump Rhetoric on BRICs currency, it will only boost the greenback.

Trump will slap a 100 per cent tariff on the BRIC nations that destabilize the dollar, president-elect Donald Trump said Saturday (30 November 2024).

Interbank foreign exchange rupee opened the day at 84.59 and it fell to 84.73 in intraday trading interbank foreign exchange rupee open the day at 84.59 and closes at 84.73 against greenback. It was 84.73 (provisional)/$USD at the close of the intraday, 13 paise lower than the high posted earlier.

The rupee declined 13 paise to record low of 84.60 against the US dollar on Friday (29 November 2024).

Participants accused bad macroeconomic news and continuing foreign-fund flows of wrecking shareholders’ emotions on the stock market.

The dollar index (a measure of how the greenback is doing compared to a basket of six currencies) traded at 106.27, up 0.51%.

The world standard Brent crude was up 0.99% to $72.59 a barrel in futures.

The Indian forex reserve fell by $1.31 billion, to $656.82 billion in the week ended November 22 as per the Reserve Bank of India (RBI).

Stock of six Adani Group companies fell on Monday and Adani Total Gas almost 5 per cent.

Adani Total Gas declined 4.87 per cent to 772 at BSE, while Adani Energy Solutions lost 4.04 per cent to 806.60.

At home macroeconomically, India's sensex economy contracted to nearly two-year low growth of 5.4% in July-September this fiscal year on back of disappointing manufacturing and mining sector performance and weak consumption, the latest government data out Friday reported.

By comparison, the central government fiscal deficit in the final seven months of this financial year was 46.5% of the average for the entire year. For 2023-24, the deficit was 45 per cent of Budget projections.