Rupee slips 15 paise to close at 84.44 against the US dollar
Rupee falls 15 paise to 84.44; Brent crude rises 0.55 percent, Sensex gains 230 points
![Rupee slips 15 paise to close at 84.44 against the US dollar](https://cdn.zeebiz.com/sites/default/files/2024/11/27/334132-rupee-45052001280.jpg?im=FitAndFill=(1200,900))
The Indian rupee declined 15 paise to settle at 84.44 per dollar on Wednesday, pressured by global uncertainties surrounding US President-elect Donald Trump’s proposed trade policies and a surge in crude oil prices. The rupee opened at 84.38 at the interbank forex market, lower by 9 paise from its previous close, and fell to an intra-day low of 84.48 before recovering marginally.
Forex analysts attributed the volatility to mixed global cues. "The rupee lost its gains as month-end dollar demand from importers increased, despite the Reserve Bank of India stepping in to sell dollars. However, the currency remained under pressure and closed lower," said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP. He projected the rupee to trade within the range of 84.30 to 84.55 on Thursday.
A weakening dollar offered some relief. The dollar index, which measures the greenback against a basket of six major currencies, dropped 0.46 per cent to 106.51. On the commodities front, Brent crude prices rose 0.55 per cent to $73.21 per barrel, adding to India’s import costs.
Despite the rupee's decline, domestic equity markets showed resilience. The BSE Sensex gained 230.02 points to close at 80,234.08, while the Nifty rose 80.40 points to settle at 24,274.90. Foreign Institutional Investors (FIIs) remained bullish, with net purchases worth Rs 1,157.70 crore on Tuesday, providing support to local markets.
Market participants also pointed to global developments, including speculation over aggressive trade policies under Trump’s presidency, as a driver of volatility. Rising crude oil prices further weighed on the rupee, increasing concerns about India’s widening trade deficit.
With mixed signals from global markets and local factors, the rupee is expected to remain under pressure. Analysts advise monitoring dollar movements, crude oil trends, and month-end corporate demand for dollars closely in the coming days.
(With inputs from agencies)
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