Indian Rupee Hits Record Low, Dips to 84.29 against US Dollar, post US Elections
In addition to the equity markets, the US currency, the US Dollar, rose in value, breaking recent records in the process.
Indian Rupee Hits Record Low, Dips to 84.29 against US Dollar, post US Elections
The Indian Rupee has reached a record low, trading at 84.19 against a single United States Dollar. This decline occurred just 24 hours after the conclusion of the historic 2024 US elections. Donald J. Trump of the Republican Party emerged victorious, defeating the incumbent Vice President, Kamala Harris.
The implications of this result have been significant both politically and economically. US markets surged in pre-market trading and continued to rise during the regular session.
In addition to the equity markets, the US currency, the US Dollar, rose in value, breaking recent records in the process. The ripple effect of strengthening the dollar naturally has an impact on other weaker currencies, including the Indian Rupee.
On November 7, the Indian Rupee reached a record low, with one US Dollar exchanging for 84.29 Indian Rupees. This decline follows a period of optimism in the Indian markets, including the equity markets, which had responded positively to Donald Trump's return to the Oval Office. The US Dollar currently stands at 0.9310 against the Euro. In addition, the US Dollar stood at 0.773 against the British Pound and Sterling.