Rupee touches new intra-day low of 84.88 due to rise in crude prices

Quick Summary:

The local currency settled at 84.

The market expectation is also that RBI’s monetary policy committee is expected to start cutting the repo rate from February, which is expected to weigh on the Indian unit.

Increased demand for the US dollar in the non-deliverable forwards (NDF) market weighed on the local currency.

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Category: BusinessFinance

Markets: India

Topics: Rupee Rupee vs dollar Crude oil Rupee rate Crude oil price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-12 @ 19:33:10 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 567 words

Reading Time: 4 minutes read

Sentences: 27 lines

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News ID: 24377760

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