Indian Rupee Falls To Record Low Against U.S. Dollar
02 December 2024 - 5:13PM
RTTF2
The Indian rupee weakened against the U.S. dollar in the
European session on Monday, as Trump's tariff threat bolstered the
dollar.
The U.S. President-elect Donald Trump has threatened the BRICS
grouping with "100 percent tariffs" if they moved to create a new
currency or back any other option as the world's reserve.
In economic news, data from S&P Global showed that India's
manufacturing sector growth remained strong in November, but the
pace of expansion softened due to slower increases in orders and
production amid inflationary pressures.
The HSBC final manufacturing Purchasing Managers' Index dropped
to 56.5 in November from 57.5 in October. The flash reading was
57.3. A score above 50.0 indicates expansion.
Against the U.S. dollar, the rupee fell to a record low of
84.728 from an early high of 84.564.
If the rupee extends its downtrend, it is likely to find support
around the 85.00 region.
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