Rupee At All-Time Low: How Will Donald Trump's Victory Impact Rupee-Dollar Exchange Rate?

The Indian currency depreciated 21 paise to touch an all-time low of 84.30 (provisional) against the American dollar on Wednesday. This development followed Donald Trump winning the US Presidential Elections and becoming the next President of the United States.

A robust American currency against major rivals overseas and intense foreign fund outflows impacted market sentiment, forex traders noted. This resulted in a rally seen in the US dollar index, reported PTI.

The analysts noted that investors are anticipating the US Federal Reserve to announce a rate cut in a meeting schedule to be held later this week. At the interbank foreign exchange, the Indian rupee opened at 84.23 against the US dollar, and traded in the range of 84.15 and 84.31 during the day. Finally, the domestic unit settled at 84.30 (provisional) against the American counterpart.