CosmicTaco

INR hits record low at 85.04/USD

CosmicTaco · 2024-12-23T11:08:32.871607+05:30

- The rupee turned flat at 85.04 against the U.S. dollar due to significant dollar demand and higher crude oil prices. - Positive domestic equity markets cushioned the local unit, yet the dollar index is expected to remain elevated due to fears of delayed U.S. Federal Reserve interest rate cuts. - India's forex reserves dropped by $1.988 billion, while FIIs offloaded shares worth ₹3,597.82 crore. Source: [The Hindu](https://www.thehindu.com/business/rupee-turns-flat-at-8504-against-us-dollar-in-early-trade/article69017747.ece)

The rupee turned flat at 85.04 against the U.S. dollar due to significant dollar demand and higher crude oil prices.
Positive domestic equity markets cushioned the local unit, yet the dollar index is expected to remain elevated due to fears of delayed U.S. Federal Reserve interest rate cuts.
India's forex reserves dropped by $1.988 billion, while FIIs offloaded shares worth ₹3,597.82 crore.

Source: The Hindu