Indian rupee depreciated against the US dollar on Monday
amid dollar demand from importers, foreign fund outflows and a muted trend in
domestic equities dented investor sentiments. Traders were concerned as data
released by the Reserve Bank of India (RBI) showed India’s foreign exchange
reserves fell by $8.4 billion to $644 billion in the week ended December 20.
Traders overlooked report that Reserve Bank of India (RBI) latest data has
showed that India's current account deficit (CAD) moderated marginally to $11.2
billion or 1.2 per cent of Gross Domestic Product (GDP) year-on-year in the
July-September quarter (Q2) of 2024-25. The CAD, an indicator of the country's
external payment scenario, was $11.3 billion or 1.3 per cent of GDP during the
second quarter of 2023-24. On the global front, ringgit held firm to close
marginally higher against the US dollar despite a strong greenback underpinned
by elevated US bond yields.
Finally, the rupee ended at 85.52 (Provisional), depreciated by 3 paise from its previous close of 85.49 on Friday. The currency touched a high and low of 85.59 and 85.43 respectively.
Source: Ace Equity
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