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The rupee was set to open near 84.49 per dollar, close to its lifetime low of 84.5075, as foreign investors pulled money out of Indian assets. The Reserve Bank of India has sold dollars in the spot market, asked banks to cut speculative bets against the rupee, and tightened scrutiny of lenders' forex activity.
Sustained portfolio outflows and a stronger dollar raise the cost of dollar-priced imports for India, including feed ingredients. Central bank intervention may limit near-term moves but has not reversed the trend.
reuters.comNimesh VoraNov 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
