The rupee depreciated 9 paise to close at 85.73 (provisional) against the US dollar on Thursday, as strong dollar demand from importers and foreign fund outflows dented investor sentiments. Forex traders said the dollar gained against most currencies during 2024 and continued to remain on a strong footing this year.

Rupee dips 11 paise to 85.75 against the US dollar, pressured by strong greenback, foreign fund outflows, and low holiday-season trading volumes; GST revenue grows seven percent in December.

The Indian rupee weakened by 11 paise, reaching 85.75 against the US dollar in early trade, as the dollar index remained strong and foreign fund outflows dampened market sentiment. The outlook for the rupee remains under pressure with global markets experiencing lower trading volumes.

Forex traders say the dollar gained against most currencies during 2024 and continued to remain on a strong footing this year.

The Indian rupee weakened against the US dollar in early trade on Thursday, driven by a strong dollar index and concerns over foreign fund outflows. Read more.

Kunal Sodhani of Shinhan Bank noted that the first upside resistance for USD/INR stands at the all-time high of 85.81. A breakout above this level could push the currency pair towards the psychological 86.00 mark. On the downside, the 85.45 level, which has turned into support, may act as the first downside target.

Rupee hits record low against U.S. dollar due to foreign fund outflows, strong greenback, and domestic economic concerns.

The rupee fell 11 paise to 85.75 against the US dollar, affected by the rising dollar index and US bond yields. Persistent foreign fund outflows and low volumes due to the holiday season further impacted the rupee.

Rupee falls to 85.75 against US dollar due to strong dollar index, foreign fund outflows, and low holiday volumes.

The rupee dropped 11 paise to 85.75 against the US dollar in early trade on Thursday (January 2, 2025), weighed down by the significant uptrend in the dollar index and US 10-year bond yields.