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Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day on a flat note, higher by 2 paise at 83.50 (provisional) against the US dollar on Thursday, on weak domestic markets and a strong American currency. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said massive <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> dented investors' sentiments. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.49, and touched an intraday high of 83.44. The local unit finally settled for the day at 83.50 (provisional), higher by 2 paise over its previous close. On Wednesday, the rupee stayed range-bound and settled 1 paisa lower at 83.52 against the US dollar. "The Indian rupee traded flat on weak domestic markets and a strong US dollar. The overnight jump in <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> also put pressure on the rupee. However, likely dollar inflows supported the rupee earlier in the day," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.70, higher by 0.15 per cent, as the US dollar gained on hawkish Fedspeak and geopolitical tensions in the Middle East. "We expect the rupee to trade with a slight negative bias amid strength in the US dollar and selling pressure by foreign investors. However, mixed to positive Asian and European markets may support the rupee at lower levels. "Any intervention by RBI or bond related foreign inflows may support rupee at lower levels. Traders may take cues from weekly unemployment claims data from US and speeches from Fed officials. USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.75," Choudhary said. Brent crude futures, the global oil benchmark, rose 0.57 per cent to USD 84.06 per barrel. On the domestic equity market, the 30-share BSE Sensex fell 1,062.22 points, or 1.45 per cent to close at 72,404.17 points. The broader NSE Nifty settled 345.00 points or 1.55 per cent lower at 21,957.50 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 6,669.10 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank">Carl Pei-led Nothing’s sub-brand CMF may soon enter the budget phone segment in India</a><a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank">2024 Maruti Suzuki Swift launched in India starting at ₹6.49 lakh</a>

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Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

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Rupee settles on flat note, higher by 2 paise at 83.50 against US dollar

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