Rupee falls to fresh low of 84.41 against US dollar
The rupee closed at 84.3925 per dollar, unchanged from Monday's closing level.
A likely intervention from the central bank prevented a sharp fall, traders said, even as the dollar has been strengthening against all other currencies since the beginning of this month, notably after Donald Trump won the US elections, prompting global concerns about a steeper tariff structure will stoke inflation in the world's largest economy and prevent further rate reductions by the Federal Reserve.
The rupee traded in a narrow band of 84.39 to 84.41 during the day as the RBI tried to curtail volatility as much as possible. The Indian rupee weakened by 0.4%, the Chinese yuan fell by 1.2%, and the Thai baht declined by 1.6% in November.
«The rupee may continue to remain nervous due to tension in the Middle East,» said KN Dey, advisor in currency risk management. The rupee could trade in the range of 84.38 to 84.41 per dollar during this week, he added.
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