The rupee faced its sharpest intraday decline in two years on Friday, before recovering some losses, after coming under pressure from month-end dollar demand by importers, as well as maturing non-deliverable forwards (NDF) and currency futures that further spiked demand for the greenback.
By day's end, the Indian currency had recorded a 0.3 per cent drop—its steepest since June 4, when general election results were announced—closing at 85.54 to the dollar, a fresh low. Earlier, it had weakened to 85.82, prompting the central bank to intervene through dollar sales of around $2.5 billion via state-run banks, said market players. On Thursday, the rupee had closed at 85.29 to the dollar.
The Indian rupee has fallen 1.3 per cent against the dollar this month, marking one of the poorest performances among Asian currencies.
This story is from the December 28, 2024 edition of Business Standard.
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This story is from the December 28, 2024 edition of Business Standard.
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