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Rupee extends losses for second day
Dec-19-2024

Continuing its weakening trend for the second straight session, Indian rupee ended considerably lower against the US dollar on Thursday, weighed down by the strength of the American currency and massive selling in the domestic equity market. Traders were anxious as the US Federal Reserve adjusted its projections for 2025, signalling a more cautious monetary policy stance, pressuring emerging market currencies, including the Indian rupee. Some concern also came as exchange data showed Foreign Institutional Investors (FIIs) offloaded Rs 1,316.81 crore in the capital markets on net basis on Wednesday. On the global front, dollar slipped on Thursday, a day after surging to a two-year peak after the Federal Reserve rocked markets by signalling a much slower pace of rate cuts in 2025, while the yen slid after the Bank of Japan (BOJ) stood pat on rates.

Finally, the rupee ended at 85.13 (Provisional), depreciated by 18 paise from its previous close of 84.94 on Wednesday. The currency touched a high and low of 85.14 and 84.99 respectively.


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