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Rupee depreciates against dollar on Wednesday

06 Nov 2024 Evaluate

Indian rupee depreciated against the U.S. dollar on Wednesday amid unabated foreign fund outflows. Traders ignored report stating that India’s services sector activity gained traction in the month of October, aided by healthy customer demand domestically and from abroad. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index rose to 58.5 in October from 57.7 in September. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also surged to 59.1 in October as against 58.3 in September. On the global front, British pound was on track for its biggest one-day drop against the dollar as the U.S. currency soared after Donald Trump was elected president.

Finally, the rupee ended at 84.31 (Provisional), depreciated by 21 paise from its previous close of 84.10 on Tuesday. The currency touched a high and low of 84.31 and 84.15 respectively.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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