Donald Trump won the presidential election in America, rupee fell by 21 paise and reached all-time low of 84.30.

Mumbai. Donald Trump has registered a resounding victory in the US Presidential Election. India's Prime Minister Narendra Modi, along with leading politicians of the world, have congratulated Donald Trump on this matter, but due to Donald Trump's election victory, India has suffered a major setback on the economic front.

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On November 6, the Indian Rupee fell by 21 paise to an all-time low of 84.30 (provisional) against the US Dollar due to Donald Trump's victory in the US Presidential Election. The US dollar index rose with. Forex traders said a strengthening dollar against key rivals overseas and continued foreign capital outflows weighed on market sentiment. The market also expects the US Fed to announce interest rate cuts at its meeting later this week, with further cuts of up to 100 basis points by 2025.

The rupee opened at 84.23 against the US dollar in the Interbank Foreign Exchange. During the session, the local currency fluctuated between a high of 84.15 and a low of 84.31. It is expected that the rupee will trade with a negative bias due to the strengthening of the US dollar and FII withdrawals. However, increased risk appetite in global markets and fall in commodity prices may support the rupee at lower levels.

Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, said any intervention by the RBI could support the rupee at lower levels. Investors may remain cautious ahead of the outcome of the FOMC meeting later this week. The spot price of dollar/rupee is expected to be between 84.10 to 84.40.”

Meanwhile, the dollar index, which measures the dollar's strength against six currencies, was trading 1.34 per cent higher at 104.80. The index gained momentum after Trump became the next President of America. Global oil benchmark Brent crude fell 1.43 per cent to $74.45 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex closed 901.50 points or 1.13 per cent higher at 80,378.13, while the Nifty closed 270.75 points or 1.12 per cent higher at 24,484.05.

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Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 2,569.41 crore, according to exchange data. Meanwhile, India's services PMI recovered from its ten-month low in September to 58.5 in October, supported by strong expansion in output and new businesses, which boosted job creation. The seasonally adjusted HSBC India Services Business Activity Index rose to 58.5 in October from 57.7 in September, as a strong sales pipeline and strong demand conditions supported a pickup in business activity.