November 28, 2024
New Delhi, India
Rupee slipped by 15 paise on Wednesday, settling at ₹84.44 per dollar, amidst rising crude oil prices and concerns over US trade policies under President-elect Donald Trump.
Key Factors Affecting the Rupee
- Crude Oil Surge: Brent crude climbed 0.55% to $73.21 per barrel, increasing India’s import costs.
- Global Uncertainty: Speculation about Trump’s aggressive trade policies pressured the rupee.
- Dollar Weakness: The dollar index fell 0.46% to 106.51, offering slight relief to the rupee.
Domestic Market Resilience
- Sensex: Rose 230.02 points to close at 80,234.08.
- Nifty: Gained 80.40 points, ending at 24,274.90.
- FII Activity: Foreign Institutional Investors remained optimistic, with net purchases of ₹1,157.70 crore.
Outlook for the Rupee
Analysts predict further pressure on the rupee due to:
- Crude oil price trends.
- Dollar movement.
- Month-end corporate dollar demand.
Conclusion: While the rupee faces headwinds from global factors and rising oil prices, domestic equity markets show resilience. Close monitoring of international developments and commodity prices is essential.
