Fri Nov 08 07:43:59 UTC 2024: ## Rupee Hits All-Time Low of 84.37 Against US Dollar
**MUMBAI, INDIA** – The Indian rupee plunged to a new record low of 84.37 against the US dollar in early trading on Friday, driven by persistent foreign fund outflows and weak domestic equities. This marks a 5 paise decline from the previous day’s closing.
The latest drop comes amid a shifting global financial landscape, influenced by the US Federal Reserve’s recent decision to cut interest rates. The Fed’s move, coupled with the impact of Donald Trump’s economic policies, is expected to introduce greater volatility to the rupee’s trajectory.
Experts point to the potential for further rupee depreciation in the short term, with the Reserve Bank of India (RBI) expected to manage the currency within a range of 83.80 to 84.50. However, a weakening dollar due to future Fed rate cuts and declining investor confidence could see the rupee strengthen towards the lower end of this range.
The rupee’s weakness is further compounded by foreign institutional investors (FIIs) offloading shares worth Rs 4,888.77 crore on Thursday, contributing to the downward pressure on domestic equities. The Sensex declined by 0.02%, while the Nifty fell by 0.06% on the day.
While the current situation presents challenges, market experts believe that swift adaptation to the evolving currency landscape will be crucial for success.
The global oil benchmark, Brent crude, also experienced a decline, falling 0.65% to USD 75.14 per barrel in futures trading.
First Piper 