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Rupee depreciates against dollar on Thursday

26 Dec 2024 Evaluate

Indian rupee depreciated against the U.S. dollar on Thursday amid global economic uncertainties and dollar strength. Some concern came as net foreign direct investment (FDI) into the country has slowed considerably, with latest data released by the Reserve Bank of India (RBI) in its December bulletin showing that it decelerated to $2.1 billion during April-October 2024 from $7.7 billion a year ago, majorly due to the rise in repatriation and net outward FDI. Besides, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,454.21 crore on Tuesday, according to exchange data. On the global front, the ringgit finished stronger against the US dollar today, supported by rising oil prices which benefitted Malaysia as an oil exporter. 

Finally, the rupee ended at 85.27 (Provisional), depreciated by 12 paise from its previous close of 85.15 on Tuesday. The currency touched a high and low of 85.28 and 85.23 respectively.

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