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Indian rupee depreciates on Monday amid strong dollar demand

17 Feb 2025 Evaluate

Indian rupee depreciated against the US dollar on Monday amid recovery in the US dollar index from intraday lows. Traders were worried amid sustained foreign fund outflows. The exodus of FPIs from the Indian equity markets continues as they pulled out Rs 21,272 crore in the first two weeks of this month, driven by global tensions after the US imposed tariffs on imports. This came following a net outflow of Rs 78,027 crore in January. On the global front, Japanese yen strengthened against other major currencies on Monday, after Japan's gross domestic product expanded on quarter in the fourth quarter of 2024.

Finally, the rupee ended at 86.88 (Provisional), depreciated by 17 paise from its previous close of 86.71 on Friday. The currency touched a high and low of 86.88 and 86.68 respectively.

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