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NRIPage | Articles | Rupee Hits Record Low of 84.88 Against Dollar | Get Business News. Grow and Thrive in the Modern Market around the world - NRI Page
On Thursday, the Indian Rupee weakened to a record low of 84.88 against the US Dollar, following a series of declines this week. The rupee had opened flat at 84.85 for the second consecutive day, and this followed a similar trend on Wednesday when it closed at 84.84 after opening at 84.85. Earlier in the week, the rupee had weakened by 12 paise on Tuesday to close at 84.85, marking a new low. The domestic currency dipped to 84.73 on Monday, continuing its downward trajectory.
Experts, including Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, forecast that the rupee will remain within the range of 84.77 to 84.97 on Thursday. He added that exporters might hold off on transactions with a stop loss at 84.70, while importers are advised to buy on dips. The rupee's struggle is largely driven by strong dollar demand, driven by foreign portfolio investors, oil companies, and importers.
The RBI's interventions in the market, including selling dollars, have helped manage the rising demand. Additionally, the appointment of Sanjay Malhotra as the new RBI Governor has brought positive signals, with Malhotra emphasizing stability and growth for the future.
The RBI has also introduced measures to stabilize the rupee, such as raising the interest rate ceiling on one-year Foreign Currency Non-Resident deposits by 200 basis points, bringing it to 400 basis points. Furthermore, the ceiling on FCNRB deposits with 3-5 year maturities has been increased. These steps are aimed at boosting capital inflows and are expected to remain effective until March 31, 2025.
Despite these interventions, the rupee’s performance reflects ongoing concerns in the market, as the currency continues to face pressure. A brief period of optimism last week, aided by the RBI’s measures to enhance market liquidity, offered some relief, with the rupee strengthening by 3 paise to close at 84.70 on Friday. However, the rupee remains vulnerable in the face of sustained dollar demand.
