 "Rupee trades narrowly on 2024's first day, settling at Rs 83.24 a dollar")
On the first day of the calendar year 2024, the Indian Rupee exhibited a lateral trading pattern, moving within a narrow range of Rs 83.15 per Dollar to Rs 83.24 a Dollar. The Indian Unit settled at Rs 83.24 per Dollar on Monday.
The Rupee started the day on a positive note with a gain of 3 paisa against the greenback. However, the Indian unit depreciated during the day because of profit booking by traders around the level of Rs 83.20 per Dollar.
The narrow movement can be attributed to a combination of factors, including the weakening of the dollar index, and the Reserve Bank of India's proactive measures to maintain stability in the Rupee, thus ensuring its range-bound performance.
The narrow movement can be attributed to a combination of factors, including the weakening of the dollar index, and the Reserve Bank of India's proactive measures to maintain stability in the Rupee, thus ensuring its range-bound performance.