INR SLIPS TO FRESH LIFETIME LOW BEYOND 84.50/$ MARK; WEAK LOCAL EQUITIES, DOLLAR STRENGTH WEIGHS

Published on Nov 21, 2024 17:03

The Indian rupee depreciated by 8 paise to settle at an all-time low of 84.50 (provisional) against the US dollar on Thursday, dragged down by massive sell-off in domestic equity markets and surging crude oil prices amid a volatile geopolitical situation. At the interbank foreign exchange, the rupee opened at 84.41 and touched the lowest-ever level of 84.51 against the greenback during intra-day. The unit ended the session at 84.50 (provisional) against the dollar, surpassing its previous all-time low closing level of 84.46 recorded on November 14. The domestic equity indices ended with substantial losses on Thursday. the barometer index, S&P BSE Sensex fell 422.59 or 0.54% at 77155.79 while the NIFTY 50 index declined 168.40 points or 0.72% at 23350.10. Meanwhile, the American currency strengthened due to safe-haven appeal amid escalating tension between Russia and Ukraine, while the continuous outflow of foreign funds also put pressure on the domestic unit.