Rupee vs US Dollar: INR stages recovery, at 84.58 against USD

The Indian rupee recovered to 84.58/$ against the US dollar on Friday, December 6. The currency opened at 84.64 versus the greenback earlier. The six paise recovery came after the Reserve Bank of India governor Shaktikanta Das announced the Monetary Policy Committee’s decision to keep policy rates unchanged at 6.5% for the 11th straight instance.

The rupee weakened to 84 against the US dollar for the first time on October 11, 2024.

The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading higher, above the 105 mark.

The value of the US dollar against a basket of six peers is inversely proportional to the value of the rupee. That is, if the value of the greenback rises, the value of the rupee depreciates, and vice versa.

Crude oil benchmarks were largely steady. OPEC’s decision to push back the revival of shuttered production by another three months failed to lift sentiment. At the last count, Brent crude futures were trading marginally lower at $72.10 per barrel. WTI futures, on the other hand, were trading marginally higher at $68.36 per barrel.