Rupee Settles 1Ps Higher At 84.84/$

Mumbai: The rupee settled for the day on a flat note higher by just 1paisa at 84.84 against the US dollar on Wednesday, a tad above its all-time low level, amid rising expectations of a shift in the Reserve Bank’s monetary policy stance post the appointment of Sanjay Malhotra as the new RBI governor. Forex traders said the Indian rupee touched a fresh all-time low of 86.87 in intraday trade as change of guard at the Reserve Bank of India raised odds of a rate cut by the Reserve Bank of India (RBI) in its February meeting.

A bounce back in the US dollar from earlier lows also weighed on the rupee. However, positive domestic markets, FII inflows and reports of RBI intervention supported the rupee earlier in the day. At the interbank foreign exchange, the rupee opened at an all-time low of 84.87 against the greenback. The USD/INR pair traded in a tight range and ended the session at 84.84 against the dollar, higher by just 1paisa from its previous close.