THE rupee hit an intra-day low of 85.81 to the dollar on Friday, despite the RBI selling the forex reserves from its kitty to prop up the domestic currency.
The domestic currency tanked 38 paise from the previous close to settle at 85.5914 on Friday as dollar continued to rally and importers were constantly lapping up the greenback. Traders are expecting more pains for the currency and see it falling to 86 by March.
For the reporting period ending December 20, forex reserves had fallen by $8.5 billion to a seven-month low at $644.39 billion, only enough to cover nearly 11 months of imports.
This story is from the December 28, 2024 edition of The New Indian Express Kannur.
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This story is from the December 28, 2024 edition of The New Indian Express Kannur.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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