Indian Rupee Falls To Record Low Against U.S. Dollar
2024-11-02
1370
(fxcue news) - The Indian rupee weakened against the U.S. dollar in the Asian session on Monday, due to pressure from the local stock market outflows and a muted trend in domestic stocks as investors remain cautious amidst the U.S. presidential elections and the Fed interest rate decision later this week.
The benchmark S&P/BSE Sensex was down 850 points, or 1.1 percent, at 78,875 in early trade while the broader NSE Nifty index was down 265 points, or 1.1 percent, at 24,038.
Among other factors that influenced investor sentiment in the Indian markets include the speculation over an economic stimulus package from China this week as well as the weaker than expected earnings and sales figures from the consumer goods and automakers.
In economic news, data compiled by S&P Global showed that India's manufacturing sector growth accelerated in October as rising new orders lifted production and confidence. The HSBC final manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September. The flash reading was 57.4.
Against the U.S. dollar, the rupee fell to a record low of 84.183 from last week's closing value of 84.061.
If the rupee extends its downtrend, it is likely to find support around against the 85.00 region.
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