18-Dec-2024

Indian Rupee: Stays pressured near lifetime lows

The Indian rupee continues to stay near lifetime low levels on Wednesday as dollar stays firm ahead of FOMC and muted equities fail to support. Investors await the Federal Reserve's last interest rate decision of the year later in the day. U.S. stocks ended lower overnight as data showing stronger than expected retail sales growth in November added to the debate about the Fed's policy path for 2025. Currently, the counter is quoting at RS 84.92 against the dollar. Domestic shares tumbled as caution gripped markets ahead of the Federal Reserve's interest-rate decision. The benchmark S&P/BE Sensex slumped 1,064.12 points, or 1.30 percent, to 80,684.45 while the broader NSE Nifty index closed at 24,336, down 332.25 points, or 1.35 percent, from its previous close.

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