The Indian rupee weakened against the US dollar on Thursday, closing at 84.49, influenced by a downturn in domestic equities and a strengthening dollar globally. Crude oil prices offered some support, limiting the rupee’s decline.
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Donald Trump secured a second term as US President in the 2024 election, defeating Kamala Harris. The victory was marked by clear demographic trends, with voters without college degrees favoring Trump, while college graduates leaned towards Harris. The Indian Rupee plummeted to a record low on November 7th, influenced by the anticipated strengthening of the US Dollar under Trump’s second term.
From market crashes to political drama, Monday, November 4th, brought a whirlwind of news across India and the world. Stay informed with this comprehensive rundown of the day’s biggest stories, including the Indian stock market’s downturn, the rupee’s record low, IRCTC’s Q2 results, Reliance Jio’s IPO plans, political developments in Karnataka, and international incidents like the Brampton temple attack and the RG Kar murder case.
The US Federal Reserve’s recent interest rate cut is expected to have a ripple effect on the Indian economy, influencing the stock market, rupee, and gold prices. This article explores the potential impact of the rate cut on these key indicators.
The Indian rupee plummeted to a record low on Wednesday, driven by the unwinding of carry trades and increased dollar demand from importers. Despite intervention from the Reserve Bank of India, the rupee continues to face pressure from investors exiting carry trades that used the Chinese yuan and Japanese yen. Experts anticipate continued downward pressure on the rupee in the near term.
Indian equity markets opened lower on Thursday, mirroring a decline in global markets. The currency market witnessed the Indian Rupee opening slightly lower against the US dollar. Meanwhile, the Nifty bank index faced pressure due to a significant drop in Kotak Mahindra Bank shares following regulatory actions from the RBI.
The Indian rupee experienced a narrow range of fluctuation before marginally rising by 1 paisa against the US dollar on April 24th, settling at 83.30. The strengthening support from positive domestic equities was offset by the rising value of the American currency. Forex traders attributed this movement to elevated crude oil prices and substantial foreign fund outflows in the global market, which dampened investor sentiment. Additionally, geopolitical tensions in the Middle East added uncertainty to the market outlook.
The Indian rupee gained against the US dollar in early trade on Tuesday. The local unit opened at 83.37 against the greenback and later reached 83.30, marking a rise of 6 paise from its previous close. The positive sentiment in domestic equity markets, along with the absence of adverse geopolitical developments, contributed to the rupee’s appreciation.