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India’s Rupee closes October near all-time low vs. Dollar

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The Indian Rupee approached a record low against the Dollar on Thursday, impacted by equity outflows and concerns regarding the US election results.


However, the central bank's intervention helped maintain the currency within a narrow range throughout October.


The Rupee closed at 84.0750 against the US Dollar, showing little change from Wednesday's closing of 84.0775. The Indian currency market will be closed on Friday due to a public holiday.


During the session, the currency briefly reached a record low of 84.0950. Throughout October, the Rupee declined by 0.3%, fluctuating between 83.79 and 84.0950, Reuters news agency reports.


The Reserve Bank of India's (RBI) consistent intervention has helped to curb the Rupee's decline, allowing it to perform better than many other major Asian currencies ahead of the US presidential election on 5th November. 


Over the past two weeks, the RBI has sold Dollars nearly every day to manage a controlled depreciation of the Rupee.


If Republican candidate Donald Trump wins the election, it could lead to a rally in the Dollar index – which measures the greenback against six major peers – increase US Treasury yields, and negatively impact Asian currencies. 


According to a Reuters report, the central bank is well-prepared to handle any potential rapid outflow of foreign capital and significant depreciation of the Rupee in the event of a Trump victory in the US presidential election.


Analysts have noted that the central bank's efforts to support the Rupee might lead importers and exporters to become complacent regarding the increasing risks in global markets.


The RBI's actions “could lead to complacency and major debacle in the event of any global turmoil or a black swan event,” according to Jayram Krishnamurthy, co-founder of Almus Risk Consulting.


Furthermore, the Rupee faced additional pressure from ongoing foreign outflows from Indian equities in October, driven by relatively high valuations and China's stimulus initiatives. 


Foreign investors withdrew nearly $11 billion from Indian equities this month, marking a significant reversal from the $7 billion in inflows recorded in September.

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deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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