October 14, 2024
New Delhi, India
USDINR Today
The Indian rupee depreciated to a lifetime low of 84.0725 against the US dollar on Monday, slightly surpassing its previous low of 84.07 set on Friday. The rupee’s weakness follows broader depreciation across Asian currencies and is exacerbated by elevated crude oil prices and a strong US dollar.
The Dollar Index (DXY), which measures the dollar against six major currencies, traded 0.13% higher at 103.02.
Key Factors:
- Crude Oil Prices: Crude oil has surged nearly 10%, driven by Hurricane Milton’s impact on US production and heightened tensions in the Middle East.
- FII Outflows: Foreign institutional investors (FIIs) offloaded shares worth nearly $6.4 billion in October, contributing to the rupee’s depreciation.
- India’s Forex Reserves: The RBI reported a drop in forex reserves by $3.7 billion to $701.2 billion as of October 4.
Equity Market Update:
Despite the rupee’s fall, Indian equity markets ended higher. The Sensex rose by 428.67 points (0.53%) to 81,810.03, while the Nifty 50 climbed 129.90 points (0.52%) to 25,094.15.
Currency Market Today October 14, 2024: USDINR, EURINR, GBPINR, JPYINR Highlights
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