THE RUPEE ENDED at another all-time low of ₹85.08 to a dollar on Thursday, after touching a low of ₹85.09, as the US Federal Reserve's forecast of fewer rate cuts pushed the dollar index to a two-year high. The dollar index, which measures the greenback against a basket of six major currencies, was at 108.07 and the yield on the 10-year benchmark US Treasury note rose to 4.52%.
Market participants said that the intervention was nominal from the Reserve Bank of India (RBI) in the forex market, indicating that the central bank wants to slow down the depletion in the forex reserves.
This story is from the December 20, 2024 edition of Financial Express Mumbai.
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This story is from the December 20, 2024 edition of Financial Express Mumbai.
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