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Home»Finance»Rupee slips to record low pressured by dollar bids from foreign banks, importers
Finance

Rupee slips to record low pressured by dollar bids from foreign banks, importers

November 19, 2024No Comments1 Min Read
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Rupee slips to record low pressured by dollar bids from foreign banks, importers
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MUMBAI (Reuters) – The Indian rupee slipped to its all-time low on Tuesday pressured by greenback demand from overseas banks and importers, together with native oil firms, merchants stated.

The rupee hit a low of 84.4150, eclipsing its earlier file low of 84.4125 hit final week. The foreign money was final quoted at 84.4075 as of 1:35 p.m. IST.

Seemingly intervention by the Reserve Financial institution of India helped the foreign money keep away from additional losses with state-run banks noticed intermittently providing {dollars}, merchants stated.

The greenback index was a tad greater at 106.3 whereas Asian currencies trimmed early features to commerce combined. The offshore Chinese language yuan was down 0.2% whereas the Malaysian ringgit rose almost 0.3%.

State-run banks are providing {dollars} in a “hovering form of manner,” so sharp declines stay unlikely, a dealer at a big non-public financial institution stated.

(Reporting by Jaspreet Kalra; Enhancing by Eileen Soreng)

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Banks bids dollar foreign importers pressured Record Rupee slips
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