INR SLUMPS TO YET ANOTHER LIFETIME LOW AMID FIRM DOLLAR

Published on Dec 04, 2024 17:02

The Indian rupee slumped to its all-time low of 84.76 (provisional) against the US dollar after dropping 8 paise on Wednesday amid a strengthening greenback and increase in crude prices. However, positive trend in domestic equity markets and foreign fund inflows capped downside for the local unit. Indian shares ended slightly higher on Wednesday as sentiment was underpinned by firm global cues and foreign institutional investors (FIIs) slowing down their selling spree. There was also some cheer on the data front as a survey showed India`s services PMI remained strong at 58.4 in November. The benchmark S&P/BSE Sensex closed up 110.58 points, or 0.14 percent, at 80,956.33 after having hit a high of 81,245.39 earlier. The broader NSE Nifty index hit an intraday high of 24,573.20 before settling 10.30 points, or 0.04 percent, higher at 24,467.45. At the interbank currency exchange, the rupee opened at 84.66 and traded in the range of 84.65-84.76. Eventually it settled at 84.76 (provisional), 8 paise lower than Tuesday`s close of 84.68.