Rupee drops past 84 against the US dollar for the first time on high oil prices, FII outflow

  • Rupee dropped to 84.05 to the dollar, down from 83.9675 in the previous session. Rupee surpassed the previous lifetime low of 83.9850 hit on September 12.

Ankit Gohel
Published11 Oct 2024, 11:29 AM IST
Rupee drops to all-time low of 84.05 against the US dollar
Rupee drops to all-time low of 84.05 against the US dollar(Image: Pixabay)

Indian rupee fell below 84 against the US dollar for the first time on Friday, weighed down by concerns over the recent jump in oil prices and the exodus of foreign money from the equity markets.

The local currency dropped to a low of 84.0525 to the dollar, and was last quoted at 84.05, down from 83.9675 in the previous session. Rupee surpassed the previous lifetime low of 83.9850 hit on September 12.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.11% to 102.87 points.

“The Rupee continues to trade within a defined range, with global headwinds keeping the pressure on. Despite these challenges, the rupee’s downside appears limited, supported by the RBI’s sizable reserves. Additionally, the recent rise in metals—known for their negative correlation with the dollar index—is expected to benefit emerging market currencies,” said Amit Pabari, MD, CR Forex Advisors.

Also Read | Gold rate today: Yellow metal extends gain on US Fed rate cut buzz

In the short term, Pabari expects USDINR to remain range-bound between 83.80 and 84.05.

“Looking further ahead, the outlook for the Rupee brightens, with substantial inflows expected to hit the market. This could push the USDINR pair to trade between 83.50 and 84.05, with a possible bias toward the lower end of the range,” Pabari said.

Meanwhile, crude oil prices eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain. Brent crude, the international benchmark, eased 0.09% to $79.33 a barrel. Brent oil prices have rallied more than 10% in October so far.

Also Read | Keep an eye on these three SME stocks that insiders are buying

In the domestic equity market, the 30-share BSE Sensex was down 259.05 points, or 0.32%, at 81,352.36, while Nifty 50 fell 67.40 points, or 0.27%, to 24,931.05.

Foreign Institutional Investors (FIIs) were net sellers in the Indian stock market on Thursday, as they offloaded shares worth 4,926.61 crore, according to exchange data.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:11 Oct 2024, 11:29 AM IST
Business NewsMarketsStock MarketsRupee drops past 84 against the US dollar for the first time on high oil prices, FII outflow

Most Active Stocks

Tata Motors share price

784.95
03:56 PM | 12 NOV 2024
-19.8 (-2.46%)

Tata Steel share price

144.15
03:56 PM | 12 NOV 2024
-0.8 (-0.55%)

Tata Power share price

414.25
03:56 PM | 12 NOV 2024
-17.25 (-4%)

Oil & Natural Gas Corporation share price

256.20
03:55 PM | 12 NOV 2024
-0.7 (-0.27%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

ITI share price

295.15
03:51 PM | 12 NOV 2024
-32.25 (-9.85%)

Jyothy Labs share price

441.65
03:55 PM | 12 NOV 2024
-35.7 (-7.48%)

Whirlpool Of India share price

1,789.90
03:29 PM | 12 NOV 2024
-141.5 (-7.33%)

Britannia Industries share price

5,028.25
03:56 PM | 12 NOV 2024
-397.05 (-7.32%)
More from Top Losers

Uno Minda share price

1,002.75
03:48 PM | 12 NOV 2024
80.45 (8.72%)

Jubilant Foodworks share price

636.30
03:29 PM | 12 NOV 2024
34.45 (5.72%)

The Ramco Cements share price

910.25
03:40 PM | 12 NOV 2024
40.3 (4.63%)

Macrotech Developers share price

1,241.65
03:44 PM | 12 NOV 2024
52.9 (4.45%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,305.000.00
    Chennai
    77,311.000.00
    Delhi
    77,463.000.00
    Kolkata
    77,315.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.92/L0.00
    Chennai
    100.80/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts